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Senate approves N17.3tr 2022 Revised budget, raises recurrent expenditure by N198.77bn

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Senate approves N17.3tr 2022 Revised budget, raises recurrent expenditure by N198.77bn

 

**Okays N4trn subsidy, increases oil benchmark to $73

The National Assembly on Thursday passed an aggregate expenditure of N17.3 trillion as the revised budget for the 2022 fiscal year which mainly raised recurrent expenditure by Nl98.77bn while capital expenditure remained the same.

The amount represented an increase of N192.5 billion from the N17.1 trillion approved and assented to last December.

The passage came after the consideration of a report by the Appropriations Committee on the 2022 Appropriations Bill in both chambers.

Out of the N17.3 trillion passed, N817.6 billion is for Statutory Transfer; N7.1 trillion is for Recurrent Expenditure; Capital Expenditure remained at N5.4 trillion, while N3.97 is for Debt Service.

The parliament also approved a revised 2022 fiscal framework, raising the oil benchmark to US$73 as proposed by President Muhammadu Buhari.

The national assembly oil production volume of 1.600 million per day; 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.

The two chambers also approved the fiscal deficit of N7.35 trillion, an increase of N965.42 billion, representing 3.99% of Gross Domestic Product (GDP).

The incremental deficit, it said, would be financed by new borrowings from the domestic market.

The lawmakers also raised the budget of the National Assembly and its agencies to N153 billion from the earlier N139 billion.

The breakdown of the National Assembly votes in the 2022 revised budget are:

While approving an increase in the Federal Government Independent Revenue of N400 billion, the chambers gave its approval for an additional provision of N182.4 billion to cater to the needs of the Nigeria Police Force.

It approved net reductions in Statutory Transfers by N66.07 billion.

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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.

President Buhari, in a letter dated 5th April 2022, requested the National Assembly to adjust the 2022 fiscal framework.

He said doing so became necessary in view of new developments in both the global and domestic economies.

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 harvest 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.

Senate President Ahmad Lawan, in his 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 be 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.

“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,” Lawan said.

Recall that the National Assembly in December 2021, had approved the sum of N442.7 billion for subsidy in the 2022 budget for the period of January to June this year.

Buhari, however, anchored his fresh request on the fact that PMS subsidy was not duly appropriated for in the national budget beyond June.

According to him, the development was as a result of the provisions of the Petroleum Industry Act which stops all such payments past the given June deadline.

In another letter dated 12th April 2022, President Buhari requested the National Assembly to approve an additional N1 trillion to his earlier N2.557 subsidy request to bring the total amount on payments to N4 trillion for the year 2022.

He explained that the additional request was against the backdrop of adjustments to the 2022 fiscal framework which became imperative due to market developments occasioned by the spike in crude prices, following the Russian-Ukrainian war.

The chamber, accordingly, approved the President’s request for an additional N3.557 trillion for PMS subsidy with the passage of the 2022 Appropriations Act (Amendment) Bill, Thursday.

It also approved the N192.52 billion aggregate increase sought by the executive, and an additional provision of N182.45 billion to cater to the needs of the Nigerian Police Force to enhance their morale.

The Senate, after passing the 2022 Appropriations Act (Amendment) Bill, adjourned till the 26th of April, 2021.

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Dangote Refinery Exports 1.1bn Litres of Aviation Fuel to Europe, Supplies 95% of Nigeria’s Jet A1 – AON

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The Airlines Operators of Nigeria (AON) has described the Dangote Petroleum Refinery and Petrochemicals as a critical pillar of support for Nigeria’s aviation industry, disclosing that the refinery currently supplies over 95 per cent of the Jet A1 fuel consumed nationwide.

Biztellers reports that the company also exported 1.1 billion litres of aviation fuel to Europe between March and April 20.

Speaking during a televised interview, AON spokesperson Obiora Okonkwo said the refinery’s output has played a vital role in sustaining domestic airline operations at a time of global supply disruptions arising from tensions in the Middle East and rising fuel costs.

“It is a matter of fact that over 95 per cent of aviation fuel supplied across the country comes from the Dangote refinery. To airline operators in Nigeria, Dangote is not just a refinery; it is a game changer and, indeed, a lifesaver,” Okonkwo said.

He noted that despite the refinery’s consistent supply, airlines continue to face severe operational strain due to escalating Jet A1 prices, which he attributed to sharp practices within the downstream distribution chain.

According to Okonkwo, some fuel marketers are allegedly creating artificial scarcity in spite of available supply from the refinery, leading to disproportionate price increases. He disclosed that airline operators have recorded Jet A1 price hikes of up to 300 per cent since the onset of the Middle East crisis.

“We consider this exploitation. The refinery has not indicated any shortage, yet we are witnessing artificial scarcity and unjustifiable price increases. What airlines pay does not reflect depot prices,” he said, suggesting the presence of racketeering within the market.

Echoing these concerns after a closed‑door meeting between the AON and the Federal Government, Chairman and Chief Executive Officer of Air Peace, Allen Onyema, described the situation as deeply troubling, particularly given that the Dangote refinery sells its products at comparatively lower rates.

“The truth is that marketers must be called to account. How do prices rise by as much as 300 per cent when Dangote’s supply remains the cheapest and some marketers source directly from the refinery?” Onyema asked. “So, why the astronomical increase?”

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Meanwhile, the Dangote Refinery continues to expand its footprint in the international aviation fuel market. Industry data indicate that the facility exported approximately 876,000 metric tonnes of jet fuel to Europe within the period under review—about 456,000 tonnes in March and an additional 420,000 tonnes by April 20.

These export volumes underscore the refinery’s growing capacity and improved logistics, further reinforcing Nigeria’s emerging role in the global downstream oil and gas market, even as it strengthens domestic energy security.

Photo Caption
From Left: President/CE, Dangote Industries Limited, Aliko Dangote; President of Uganda, H.E. Yoweri Museveni; President of Kenya, H.E. William Ruto, and CEO of the Africa Finance Corporation, Samaila Zubairu, at The Africa We Build Summit in Nairobi, Kenya, on Thursday.

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Peterside Harps on Strong Leadership at NCDMB Book Reading Series

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The Nigerian Content Development and Monitoring Board (NCDMB), on Wednesday at its Conference Centre hosted the 2026 first quarter edition of its Book Reading Series.

With Dr. Dakuku Peterside, former Director-General of the Nigerian Maritime and Safety Administration (NIMASA) as guest author, the event focused on the 204-page publication of the author, ‘Leading in a Storm: Practical Leadership Strategies in Crisis Situations’, published in 2025.

The capacity audience was drawn from higher institutions, the media, Association of Nigerian Authors (ANA), and Nigerian Institute of Public Relations (NIPR), with several others participating virtually.

The Executive Secretary of the NCDMB, Felix Ogbe, represented by the General Manager, Corporate Communications Division (CCD), Dr. Obinna Ezeobi, said the book programme, which he described as “a signature event”, speaks to creativity, which is one of the core values of the Board.

He explained that the event is part of the Board’s strategy in fostering intellectual activity and sophistication among stakeholders, as well as building the abilities of Nigerians to operate productively in the oil and gas industry and linkage sectors, which is one of its core mandates.

The Executive Secretary enumerated several initiatives of the Board geared towards advancement of research and technology; notably six centres of excellence in the nation’s six geopolitical zones, each of which has a unique theme.

These are the Niger Delta University, Amassoma, with Marine and Petrochemical Technologies as theme; the Federal University of Technology, Minna (Engineering Design), and Federal University of Technology, Owerri (Local Raw Materials Substitution).

ALSO READ: PDP Chieftain Explains Why Peter Obi Could Restore National Hope in Nigeria

Others are Modibbo Adama University of Technology (MAUTECH), Yola (Safety and Environment Studies); Usman Dan Fodio University (UDUS), Sokoto (Renewable Energy), and Federal University of Technology, Akure (Geology and Geophysical Studies).

Additional research centres established by the Board include Geosciences Research Centre at the University of Lagos and Marine and Offshore Training Centre at Rivers State University, Port Harcourt.

The latest is the Centres of Excellence in Gas Development at Delta State University, Abraka, being developed in partnership with Seplat Energy Plc.

According to Ogbe, the NCDMB is collaborating with Renaissance Africa Energy Company Limited (RAEC), First Exploration and Petroleum Development Company Limited, and the Nigerian Society of Engineers (NSE), to organise the first Nigerian Engineering Olympiad (NEO), which was launched on November 20, 2025 in Abuja.

The Olympiad is to encourage final-year and postgraduate students to be innovative in applying engineering principles to real-world operational challenges in and out of the oil and gas industry.

In the book conversation segment, moderated by Mr. Victor Binawari, Peterside explained the inspiration behind ‘Leading in a Storm…,’ saying, “My own lived experience informed the contents and thrusts of the work.”

He added, “Every single day, Nigerians face one crisis or another, and the experiences posit weakness of leadership.”

He recalled his time at the National Assembly, when he served as Chairman of the House of Representatives Committee on the Downstream Petroleum sector, with the unremitting crises in fuel supply.

As NIMASA Director General, he said he had to contend with recurring incidents of piracy within Nigeria’s territorial waters.

“Then the COVID-19 pandemic, which saw many world leaders fumbling, unable to determine how best to safeguard the health of citizens,” he said, adding that another inspiration was drawn from an uncomplimentary remark by a professor at America’s Kellog School of Management.

He said, “The professor remarked that ‘Africa is in a near-permanent state of crises.’ I began to investigate how leaders can perform better in crisis situations; calmness, clarity, adaptability, and resilience are critically important. What kind of choices leaders make when faced with crises would reveal the stuff they are made of.”

He outlined eight competencies of leadership, namely: “Contextual intelligence- the ability to read situations accurately and understand the deeper forces at play; Calm Confidence – which provides emotional stability; Sense-making – which enables a leader to find patterns in chaos and make meaning from confusion; Strategic Decision-making; Clear Communication; Strategic Flexibility; Coordinating Teamwork, and Facilitating Learning.

“Every great leader should rank high enough in these.”

On his style, which relies heavily on storytelling, he stated that stories are relatable, memorable and engaging, and that “stories teach you principles which you can apply.”

In closing remarks, Mr. Teleola Oyeleke, Supervisor, CCD of NCDMB, thanked Peterside for readily accepting the invitation and for the wealth of experience he shared at the event.

He also thanked all participants, while advising them to read and digest the contents of the book.

He also echoed the guest author in challenging attendees to have personal development programmes.

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Political Earthquake Brewing? Peter Obi, Bala Mohammed in Closed-Door Talks

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Former Labour Party presidential candidate in the 2023 general election, Peter Obi, on Thursday visited Bauchi State for a closed-door meeting with Governor Bala Mohammed amid growing political realignments in the country.

Obi, who is also a chieftain of the African Democratic Congress (ADC) opposition coalition, arrived at the Bauchi State Government House where he proceeded to a private meeting with the governor at the Presidential Lounge.

SEE MORE: PDP Chieftain Explains Why Peter Obi Could Restore National Hope in Nigeria

The purpose of the visit was not immediately known as both politicians held discussions behind closed doors.

Details of the meeting remained undisclosed at the time of filing this report.

However, sources within the Government House suggested that the meeting may be connected to recent political developments and possible alignments ahead of future elections, though this could not be independently verified.

Both leaders are expected to brief journalists after the meeting concludes.
Governor Bala Mohammed, who serves as Chairman of the Peoples Democratic Party (PDP) Governors’ Forum, has recently been at the center of political speculation regarding his party allegiance.

On March 31, he reportedly hinted at a possible political shift during a meeting with a delegation of the African Democratic Congress led by former Secretary to the Government of the Federation, Babachir Lawal, at the Government House in Bauchi.

However, his political engagements appeared to take a different turn shortly after, as he also hosted the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, alongside Kano State Governor, Abba Yusuf, on April 1 at the same venue.

The latest meeting with Obi has further intensified speculation about ongoing political consultations and possible future alignments among key political actors.

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