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2022 Budget: FG Allocates ₦100 Billion For 2023 Elections; Seeks Loans To Fund Deficit

2022 Budget

In readiness for the 2023 general elections in the country, the Federal Government has earmarked the sum of N100 billion in the 2022 budget to cater for the nationwide exercise. This was revealed as President Muhammadu Buhari prepares to present the 2022 Appropriation Bill before a joint session of the National Assembly tomorrow, Thursday, October 7, 2021.

In some reports from the House of Representatives where the revised 2022-2024 Medium Term Expenditure Framework (MTEF) was submitted for approval, the budget for the 2022 fiscal year was reviewed upwards from N13.98 trillion to N16.45 trillion – indicating an additional N2.47 trillion.

The Green Chamber, it should be recalled, had already approved the initial MTEF which had an expenditure sum of N13.98 trillion for the 2022 fiscal year. However, following a letter from Mr President to the Speaker of the House, Femi Gbajabiamila, a fresh approval was needed.

In the letter dated Saturday, October 2, 2021, the president explained the reason for seeking a fresh approval as there had been an upward review of the MTEF to reflect the new fiscal terms in the Petroleum Industry Act (PIA) 2021, as well as other critical expenditures in the 2022 Budget.

2022 Budget

To put it in perspective, the MTEF is an annual, rolling three-year-expenditure planning that sets out the medium-term expenditure priorities and hard budget constraints against which sector plans can be developed and refined. It also contains outcome criteria for the purpose of performance monitoring.

Also, the federal government, through the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, has revealed that the budget deficit in the proposed 2022 Appropriation Bill will be financed through loans. She indicated this at the end of the weekly virtual Federal Executive Council (FEC) meeting earlier today while interacting with newsmen.

Mrs. Ahmed said while the FEC had approved the proposed 2022 Budget of N16.39 trillion, part of the budget will be funded through local and eternal loans as most of the administration’s legacy projects captured in the budget can not be achieved with just proceeds from exports and Internally Generated Revenues (IGRs).

She said:

“If we just depend on the revenues that we get, even though our revenues have increased, the operational expenditure of government, including salaries and other overheads, is barely covered or swallowed up by the revenue.

“So, we need to borrow to be able to build these projects that will ensure that we’re able to develop on a sustainable basis. Nigeria’s borrowing has been of great concern and has elicited a lot of discussions, but if you look at the total size of the borrowing, it is still within healthy and sustainable limits. As of July 2021, the total borrowing is 23% of GDP.”

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Celebs

My Dad Has Gifted Me $300,000 before – Davido

Davido

In a recent interview on Clue Radio, Davido shared how he got a $300K gift from his billionaire father. According to Davido, his father, Chief Adedeji Adeleke, came to watch him perform at his State Farm Arena concert in Atlanta ,and after the show, he got a well-done message from him and a $300K gift.

In his 2012 hit single ‘Dami Duro,’ Davido boasts about being the father of a wealthy man, and although the Afrobeats megastar has gone on to build his own wealth, he reveals that he still occasionally gets sent money by his dad.

“If I tell you that my dad doesn’t give his kids money, I will be lying to you,” Davido said while sharing that although he makes a lot of money off music, which he uses to promote and market his work, he still occasionally gets monetary gifts from his father.

In the interview, Davido also shared that he co-produced a couple of songs for his upcoming album ‘5ive’

The project will feature guest appearances from Afrobeats stars Omah Lay and Victony.

Other Nigerian artists on the album include OdumoduBlvck and Chike, whom he featured on the single ‘Fund.’

The album also features international stars led by Jamaican star YG Marley, whom he featured on the song ‘Awuke’ released as the first single of the album.

Other Carribean stars on the album include Shensea and 450.

American R&B and his long-term collaborator Chris Brown also appears on the album. 3 time Grammy winner Victoria Monet and Latin pop star Becky G also feature on the album.

South African music star Musa Keys also appears on the album after featuring on the Davido’s Grammy nominated single ‘Unavaialble’ off his record-breaking fourth album ‘Timeless’.

Davido also features French hitmakers Dadju & Tay C as the track list showcases his desire to cater to multiple markets in a reflection of his status as a global star.

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Entertainment

Davido announces white wedding date with Chioma

Nigerian music superstar Davido has officially revealed plans for a white wedding with his wife, Chioma, which will be held in Miami this August.
During an interview on The Breakfast Club, Davido compared Nigerian marriage customs to those in the United States, noting how family dynamics often play a significant role in African unions.

He said,

Back home, the culture in some households is, for example, that a lot of men grew up with their mum so she’s everything. You know those kinds of households that even if they get married, they can’t leave their mum, she must be in the house. So anything the husband does right or wrong, she’s supporting the husband.

The singer, who previously held a lavish traditional wedding in Nigeria, shared the update while reflecting on cultural differences and the intense public attention surrounding their relationship.

He added,

That’s the mentality in Nigeria: the same thing is for women, they must always support their daughters. Meanwhile, in America, it is just the man and woman who get married. In Nigeria, you never really leave that family. Have you seen a Nigerian wedding?

He went on to recall how his traditional wedding turned into a nationwide celebration and how the white wedding in August 2025 would be a continuation.

I’m having my white wedding in Miami in August. The wedding I did was traditional, it was like a carnival in Nigeria, like a holiday. The whole world stood still. Me and my wife’s relationship was in the public eye, especially after I did that one song. So a lot of things happened. Even apart from losing our child, I messed up a lot of times so that full circle moment everyone was like finally she can get what she deserves.

The 32-year-old Atlanta-born Grammy nominee also added that his wife is the best because she keeps her affairs private.

My wife, you can never see her go to any interview or take a phone to say ‘oh, my husband did this’ or see her go on live — like the normal things. And I appreciate her for that because she could.

The effervescent singer went on to say that no one is perfect, and he would be lying if he said they are.

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Entertainment

Having the #1 song in Nigeria is not worth celebrating – Burna Boy

Burna Boy

Nigerian superstar Burna Boy weighs in on the constant polls and comparisons Nigerian fans engage in on social media. According to him, none of these fans can help fill up a stadium anywhere in the world, so their polls don’t matter.

“Dear artists, don’t let Twitter polls and ‘Naija social media fans’ deceive you. They won’t fill up any stadium for you in any part of the world,” he wrote on his Instagram story

Burna Boy further compared the value of Nigerian streams to streams from the UK and US, which pay significantly more.

According to him, having the number 1 song on a Nigerian music streaming platform isn’t a feat worth celebrating.

Instead, he encourages artists to aim higher and do business on the other side. Burna Boy’s statement, while being an accurate reflection of Nigeria’s economic realities, carries the same condescending tone with which he has approached such a topic in the past.

Making such a statement as “Naija social media fans” suggests that Burna Boy doesn’t consider these millions of fans to be valuable beyond the social media space where they actively engage with Afrobeats.

His statement also brings to mind the controversial statement he made ahead of the release of his last album, ‘I Told Them’.

In an interview with Zane Lowe, he described Afrobeats as a genre without substance.

In the past, Burna Boy has also made such a statement as nobody paved the way for him which attracted criticism from veteran stars who knocked him for discrediting their contributions to the success of Nigerian mainstream music. Burna Boy is gearing up for the release of his eighth album, ‘No Sign of Weakness,’ and this controversial take follows the similar pattern that preceded the release of his last album.

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