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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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Who Is Running Nigeria? ADC Demands Answers Over Tinubu, Shettima’s Absence

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The African Democratic Congress (ADC) has demanded clarification over who is currently exercising the constitutional powers of the President as President Bola Ahmed Tinubu and Vice-President Kashim Shettima remain outside Nigeria.

The opposition party, in a statement issued on Tuesday by its National Publicity Secretary, Bolaji Abdullahi, said Tinubu’s continued absence had raised questions about compliance with Section 145 of the Nigerian Constitution.

SEE ALSO: Shettima Arrives Yola to Condole With Bamanga Tukur’s Family

The ADC said the provision requires the President, when proceeding on vacation or otherwise unable to discharge the functions of his office, to transmit a written declaration to the President of the Senate and the Speaker of the House of Representatives, after which the Vice-President performs the functions of Acting President.

According to the party, Tinubu left Nigeria on August 30 and has now been away for more than 21 days.

“President Tinubu left Nigeria on 30 August and has now been away for more than 21 days. We therefore demand to know whether the required declaration was transmitted by the President,” the ADC said.

The party also questioned why the National Assembly had not addressed the issue if such a declaration had not been transmitted.

The ADC rejected the Presidency’s description of Tinubu’s stay abroad as a “working vacation”, arguing that the phrase does not create a separate constitutional category.

“There is no constitutional category known as a ‘working vacation’. Presidential authority cannot be transferred by convenience, protocol or press statement,” the party said.

The opposition party also dismissed the suggestion that Secretary to the Government of the Federation, George Akume, could effectively represent the President in the discharge of presidential responsibilities.

“Representing the President at events and ceremonies does not confer constitutional powers. The Secretary to the Government of the Federation is a mere appointee of the President,” it said.

The ADC stressed that attending official functions or delivering speeches on behalf of the President was different from exercising the constitutional powers of the President or Acting President.

“Representation is not governance. Attendance at official functions is not presidential authority,” the party added.

The controversy comes as Vice-President Shettima is in New York for the United Nations General Assembly, where he is representing Nigeria.

The ADC said the simultaneous absence of the President and Vice-President was particularly concerning given what it described as Nigeria’s security, unemployment and cost-of-living challenges.

The party also criticised Tinubu’s continued stay in Paris while French President Emmanuel Macron travelled to New York for the UN General Assembly.

“The irony would be amusing if it were not a national disgrace,” the ADC said, arguing that the situation created poor optics for Nigeria.

Macron had hosted Tinubu at a private dinner at the Élysée Palace in Paris before travelling to New York for the UN General Assembly.

The ADC therefore called on the Presidency and the National Assembly to answer what it described as a fundamental constitutional question.

“Who presently exercises the constitutional powers of the President of the Federal Republic of Nigeria, and under what provision of the Constitution?” the party asked.

 

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Stop Exporting Raw Minerals, Start Building Wealth From Your Resources – Tinubu to Africa

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President Bola Ahmed Tinubu has called on African countries to unite and end the export of raw mineral resources, urging the continent to focus on local processing, manufacturing and value addition.

Tinubu made the call on Tuesday in New York, United States, while declaring open the 3rd Africa Minerals Strategy Group (AMSG) High-Level Roundtable on Critical Minerals Development in Africa, held on the sidelines of the ongoing 81st Session of the United Nations General Assembly.

The high-level meeting, which was chaired by Tinubu, was themed, “From Resources to Wealth: Continental Cooperation for Mineral Value Addition, Data Sovereignty, Innovative Financing and Critical Minerals Security.”

ALSO READ: Shettima Arrives Yola to Condole With Bamanga Tukur’s Family

Represented by Vice President Kashim Shettima, Tinubu told African leaders and stakeholders that the continent must move away from its long-standing position as a supplier of raw materials and develop industries capable of processing its mineral resources locally.

“For generations, Africa has furnished the materials of prosperity elsewhere. Our duty is to ensure that the future being fashioned from African minerals has room for African ambition,” the President said.

Tinubu expressed concern that mineral-rich communities across Africa continue to suffer from inadequate infrastructure, limited employment opportunities and insufficient participation in the wealth generated from their natural resources.

He noted that rising global demand for clean energy, artificial intelligence and advanced manufacturing had made African critical minerals such as cobalt, copper, lithium and rare earth elements increasingly important to global supply chains.

According to the President, Africa’s response should include mineral processing and refining, battery production, component manufacturing, African technologies and the development of competitive skills.

“The worth of a mine must be counted in the lives it improves,” Tinubu said.

“Jobs, industries, infrastructure, technology transfer, African enterprise participation and prosperity retained across generations must measure our progress from resources to wealth.”

Tinubu Warns Against African Fragmentation

The President said no African country could achieve the desired transformation of its mineral sector alone.

He warned that countries competing against one another by offering lower royalties, weaker local-content requirements and excessive concessions could undermine the continent’s collective bargaining power.

“Fragmentation leaves us exporting raw materials and buying finished goods at a premium. Cooperation gives our markets scale, our industries integration, our financing reach and our negotiations authority,” he said.

Tinubu called for greater continental cooperation, saying African countries must negotiate collectively where their interests converge and ensure that partnerships with external investors strengthen rather than undermine African industrial capacity.

“Reliability must never mean dependency, and partnership must never demand inequality,” he added.

President Highlights Nigeria’s Mining Reforms

Tinubu also highlighted reforms in Nigeria’s mining sector, saying the country must require local value addition for new mining licences, strengthen geological data and investor access, organise artisanal miners into cooperatives, combat illegal mining and improve regulatory accountability.

He disclosed that revenue from Nigeria’s mining sector rose from approximately ₦6 billion in 2023 to over ₦38 billion in 2024, and further to between ₦68.1 billion and ₦70 billion in 2025.

The President also pointed to major foreign investment commitments and the development and commissioning of large-scale lithium processing capacity in Nasarawa State as evidence of the opportunities available in the sector.

He said his administration’s mining policy was designed to ensure that minerals extracted in Nigeria contribute to the country’s industries, workers, skills and communities.

According to Tinubu, ongoing reforms have demonstrated that “firm terms can attract serious capital.”

Tinubu Backs Continental Minerals Framework

The President also endorsed the Continental Integration and Economic Assurance Declaration (CIEAD) adopted at the roundtable.

He said the declaration should create a predictable and investment-ready environment for Africa’s strategic mineral corridors through harmonised policies, responsible investment and shared infrastructure.

Tinubu, however, stressed that the declaration must go beyond a ceremonial signing and be backed by clear timelines, financing, implementation mechanisms and public accountability.

“Africa’s power resides in its people, markets and ingenuity. No outsider will organise our continent or place our industrial interests above their own,” he said.

“We must integrate our markets, mobilise African capital and negotiate with one voice wherever our interests converge.”

He added: “Our industrial growth can strengthen global prosperity, the energy transition and secure supply chains. Minerals confer no automatic prosperity; vision, investment and industry must earn it. Political will must turn mineral promise into enduring African wealth.”

Alake Calls for More African Countries to Join AMSG

Earlier, AMSG Chairman and Nigeria’s Minister of Solid Minerals Development, Dele Alake, said the group was proposing the Continental Integration and Economic Assurance Declaration as a framework for establishing a unified architecture for Africa’s critical and solid minerals value chains.

Alake urged African countries that have yet to join the AMSG to become members, stressing the importance of coordinating efforts, ideas and resources to develop the continent’s natural resources.

He said Africa’s mineral ambitions could not be achieved through policy implementation alone, arguing that integrated partnerships covering financial transactions and infrastructure development were also necessary.

Kenya’s Minister of Blue Economy and Maritime Affairs, Hassan Ali Joho, also emphasised the importance of domestic resource mobilisation for solid mineral development.

Joho called for transparency, competitiveness and greater alignment of licensing procedures among AMSG members while respecting the sovereignty of individual countries.

Representatives of Liberia, Chad and Tanzania, alongside other stakeholders, also contributed to the discussions.

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‘A Nation Cannot Escape the Bill’ — Atiku Questions Tinubu’s Third UNGA Absence

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Former Vice President Atiku Abubakar has questioned President Bola Tinubu’s third consecutive absence from the United Nations General Assembly (UNGA), demanding an explanation for the president’s decision not to attend the global gathering.

Atiku made the remarks in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, as Vice President Kashim Shettima leads Nigeria’s delegation to the 81st UNGA in New York.

According to Atiku, Tinubu was absent from the 79th UNGA in 2024 and the 80th session in 2025, and has again stayed away from the 81st session in 2026.

ALSO READ: ‘Calling Tinubu Bola, Giving Him Orders Is Insolence’ — Sunday Dare Blasts Atiku

The former vice president said the repeated absences could no longer be regarded as a coincidence or routine delegation, arguing that they required an explanation.

Atiku also questioned whether Tinubu’s documented history with United States law-enforcement agencies had become a burden on Nigeria’s foreign relations.

“The United Nations General Assembly is one of the world’s most important diplomatic gatherings. It brings together the representatives of the UN’s 193 member states and provides a unique platform for presidents and prime ministers to defend their countries’ interests, negotiate partnerships and shape global decisions on trade, security and development,” Atiku said.

He acknowledged that Shettima could represent Nigeria at the gathering but maintained that the vice president’s representation could not permanently substitute for the president’s personal authority and visibility.

“Vice President Shettima may represent Nigeria capably, but representation by delegation cannot permanently substitute for the personal authority, visibility and responsibility of the president,” he said.

“Tinubu cannot continue to treat Nigeria’s seat at the world’s biggest diplomatic table as though it were an inconvenient appointment that can be endlessly outsourced.”

Atiku further argued that UNGA was not simply a ceremonial event, noting that important bilateral meetings, investment discussions, trade negotiations and development-financing engagements take place on the sidelines of the gathering.

“Presidential absence on the global stage has consequences. UNGA is not merely a ceremonial gathering or an annual photo opportunity,” he said.

“Its side-lines are where leaders hold decisive bilateral meetings, court investors, negotiate trade partnerships, mobilise development finance and make the case for their countries.”

The former vice president said Nigeria could lose investment and other economic opportunities as a result of the president’s continued absence.

“When a president makes himself absent from that stage for three consecutive years, his country loses opportunities. Investment does not follow silence. International capital does not pursue a country whose leader repeatedly abandons the room in which consequential economic relationships are being built,” Atiku said.

He linked the issue to investment, employment and capital inflows, arguing that reduced investment could increase pressure on the naira and contribute to higher costs for Nigerians.

“The cost is eventually transferred to ordinary citizens: fewer investments mean fewer businesses and fewer jobs. Reduced capital inflows place additional pressure on the local currency,” he said.

“A weaker naira raises the cost of imports, production, transportation and food. These are among the economic pressures now punishing Nigerian families through the worst cost-of-living crisis in living memory.”

Atiku concluded by saying that while the president could regard attendance at UNGA as a matter of personal prerogative, Nigeria would ultimately bear the consequences of the decision.

“Tinubu may consider attending UNGA a matter of personal prerogative, but the economic and diplomatic consequences of his absence are being paid by Nigerians. A President may surrender his seat, but a nation cannot escape the bill,” he said.

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