Connect with us

News

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.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

I’ll back only candidates who support Tinubu in FCT Polls – Wike

Minister of the Federal Capital Territory, Nyesom Wike, says he will support only candidates who support President Bola Tinubu’s vision, irrespective of political party, in the FCT area councils’ election scheduled for February 21.

Wike made the statement in Abuja on Saturday night during Senator Sandy Onor’s 60th birthday, a celebration of six decades of scholarship, leadership, service, and meaningful impact.

The Minister, who said he owed no one an apology for supporting Tinubu, promised to back any candidate aligned with the President.

“We have the FCT Area Council election coming up on February 21, and I have a duty to support any candidate who supports President Tinubu to win.

“It is also my duty to ensure that any candidate who is not supporting Tinubu does not win in the election, and I owe no apology on my stand,”* Wike said.

Speaking about the celebrant, Wike described Onor as a “credible ally, a trustworthy friend, and good brother.”

According to him, Onor is not only a friend but a reliable one, even in times of trouble: “I will continue to be with you and work with you, because I know even if I am not alive today, you will not abandon my family.”

Reading the citation for the celebrant, Prof. Anthony Eyang said Onor, born on Feb. 14, 1966, in Ikom, Cross River, was raised in an environment rooted in community values, discipline, and faith.

Eyang noted that Onor’s journey, from the lecture halls of the University of Calabar to the Nigerian Senate and onward to Cross River politics, “reflects a life devoted to learning, leadership, and the advancement of society.”

Earlier, Chairman of the planning committee, Senator Philip Aduda, said the event was a thanksgiving for God’s faithfulness in Onor’s life, both as an academic and a politician.

Former Governor of Benue, Mr Samuel Otom, who stood in for the Chairman of the Occasion, Dr Okezie Ikpeazu, former Governor of Abia State and Ambassador-designate, described Onor as an “icon,” a great Nigerian, and a man prepared and fit for leadership. He also called Onor a “good man.”

Former Attorney General of the Federation and Minister of Justice, Chief Kalu Agabi (SAN), described the celebrant as courageous and intelligent. “I love Sen. Sandy Onor because he is not one of those who stigmatise the constitution as a product of the military,” he said.

Head of Department of History and International Studies, University of Calabar, Prof. Dave Imbua, presented a Festschrift—a book written by scholars in honour of the celebrant, stating that Onor has remained a notable historian among academics.

Continue Reading

News

US sanctions 8 Nigerians over links to Boko Haram, And Other Crimes

us embassy

The United States has frozen the assets and properties of eight Nigerians accused of having links to the Islamic sect, Boko Haram, and the Islamic State of Iraq and the Levant.

This was contained in a 3,000-page document dated February 10, released by the United States Treasury’s Office of Foreign Assets Control and sighted by the correspondent on Monday.

The document also identified individuals sanctioned for cybercrime-related offences and other security threats. The pronouncement comes on the heels of recent recommendations by the US Congress for visa bans and asset freezes on persons and groups accused of violations of religious freedom and persecution of Christians in Nigeria.

The former Governor of Kano State, Rabiu Kwankwaso; the Miyetti Allah Cattle Breeders Association of Nigeria; and Miyetti Allah Kautal were recommended by United States lawmakers for visa bans and asset freezes.

The OFAC document, titled “Specially Designated Nationals and Blocked Persons List,” detailed individuals of other nationalities and entities whose assets had been frozen, serving as a reference tool. It also provided notice of actions taken against Specially Designated Nationals, whose property and interests were blocked as part of counter-terrorism efforts.

According to OFAC, the move forms part of its broader efforts to block the property and interests of Specially Designated Nationals and prevent financial dealings with them.

“This publication of Treasury’s Office of Foreign Assets Control is designed as a reference tool providing actual notice of actions by OFAC with respect to Specially Designated Nationals and other persons (which term includes both individuals and entities) whose property is blocked, to assist the public in complying with the various sanctions programmes administered by OFAC,” the agency said.

Among those listed is Salih Yusuf Adamu, also known as Salihu Yusuf, born on August 23, 1990, in Nigeria. Yusuf was identified as having ties to Boko Haram and was reported to hold a Nigerian passport.

Yusuf was among six Nigerians convicted in 2022 for setting up a Boko Haram cell in the United Arab Emirates to raise funds for insurgents in Nigeria. The six men were convicted in the UAE for attempting to send $782,000 from Dubai to Nigeria.

Another individual, Babestan Oluwole Ademulero, born on March 4, 1953, in Nigeria, was designated under SDNTK sanctions. He appeared under several aliases, including Wole A. Babestan and Olatunde Irewole Shofeso.

Also designated was Abu Abdullah ibn Umar Al-Barnawi, also known as Ba Idrisa. He was reportedly born between 1989 and 1994 in Maiduguri, Borno State, and was flagged under terrorism-related sanctions.

Abu Musab Al-Barnawi, also referred to as Habib Yusuf, was listed with varying birth years between 1990 and 1995. He was identified as a Boko Haram leader and sanctioned under terrorism provisions.

Continue Reading

News

Even with 10 million votes, Obi still wouldn’t have won the 2023 Elections — Lai Mohammed

Lekki Toll Gate

Former Minister of Information and Culture, Lai Mohammed, has insisted that Labour Party presidential candidate Peter Obi would not have won the 2023 presidential election even if he had secured 10 million votes.

Mohammed explained this while appearing on Edmund Obilo’s State Affairs Podcast, that Obi still could not get “one-quarter of votes cast in 25 states,” a constitutional requirement for winning the presidency.

“Even if Obi had got 10million votes, he wouldn’t have won. This is because he still could not get one-quarter of the votes cast in 25 states. It is even on record that he could not provide agents at about 40,000 polling units,” the ex-minister said.

Speaking on factors that shaped the 2023 election, especially in Lagos state, Mohammed said, “For the first time in the history of politics in Nigeria, ethnicity and religion played a very frontal role.”

He added that the #EndSARS protests had an impact, particularly in Lagos, where many youths “wanted a pound of flesh,” which did not help the APC or Bola Tinubu.

Mohammed further emphasized the difference between presidential elections and governorship or National Assembly contests.

“I am of the belief that the presidential elections are not as personal as the governorships or national assemblies. In presidential elections, a man might not be affiliated with any of the candidates. But when it comes to governorships, it is particular and peculiar because the candidate lives in the state,” he said.

On Tinubu’s leadership, Mohammed stated that the president does not withdraw support from allies after electoral defeats.

“Asiwaju is not the kind of person who will drop his support for you because you have lost the election. No, he will still encourage you,” he said, adding that Tinubu has often been underestimated due to his warm and charismatic personality.

“He is strategic and really understands Nigerian politics better than anybody you might think of,” Mohammed said.

Continue Reading

Trending