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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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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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Entertainment

Tuface’s lover, Natasha, loses minority leader position in Edo Assembly shake-up

The Edo State House of Assembly has removed Hon Natasha Osawaru Irobosa of the Peoples Democratic Party (PDP) as Minority Leader, following the defection of four PDP lawmakers to the All Progressives Congress (APC).
Irobosa, known for her relationship with Nigerian music icon Tuface Idibia, was removed alongside the Majority Leader, Hon Charity Aiguobarueghian, and Chief Whip, Hon Yekini Idaiye.

Speaker of the House, Hon Blessing Agbebaku, announced the leadership changes during a plenary session, citing a letter from the state’s acting APC Chairman, Jarret Tenebe, which confirmed that PDP had lost its majority status.

Agbebaku stated that Hon Ibhamawu Jonathan Aigbokhan (APC, Esan West) would now serve as Majority Leader. At the same time, Hon Addeh Emakhu Isibor (APC, Esan North-East I) and Hon Lecky Hussein Mustapha (APC, Etsako West I) would take up the positions of Deputy Majority Leader and Chief Whip, respectively.

Despite the reshuffle, Agbebaku and his deputy, Hon Maria Edeko, both of the PDP, retained their leadership positions in the House.

However, the Speaker acknowledged that their tenure in these roles was uncertain given the shifting political dynamics.

“The PDP leadership in the state will present its nominees for principal officers to the House,” Agbebaku stated.

The latest developments underscore the volatility within the Edo Assembly as party alignments continue to shift ahead of future political battles.

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News

Senator Natasha confirms Sallah visit to Kogi constituents

Senator Natasha Akpoti-Uduaghan has reaffirmed her commitment to visiting her Kogi Central constituency for the Sallah celebration, dismissing rumors that she had canceled the trip. Her media team released a statement early Tuesday, April 1, confirming that the visit would proceed despite the Kogi State Government’s recent ban on rallies and public gatherings due to security concerns.

“We are pleased to confirm that Senator Natasha Akpoti-Uduaghan’s Sallah visit to Kogi Central Senatorial District will proceed as planned. Despite rumors circulating online, there has been no official announcement from our office regarding the cancellation of this visit,” the statement read.

Akpoti-Uduaghan, who represents Kogi Central in the Senate, encouraged her supporters to join her in celebrating Eid-el-Fitr, emphasising her commitment to engaging with her community.

“As the senator representing Kogi Central, Natasha Akpoti-Uduaghan remains committed to engaging with her community and fostering a spirit of unity and cooperation,” the statement continued.

“Her dedication to the people of Kogi Central is unwavering, and she looks forward to celebrating Eid-el-Fitr with her constituents.”
Her insistence on proceeding with the visit comes just hours after the Kogi State Government announced a ban on public gatherings, citing intelligence reports warning of potential security threats.

In a statement on Monday, March 31, the state Commissioner for Information, Kingsley Fanwo, justified the ban, stating that intelligence reports suggested that some individuals were planning to “stage some violent rallies in the guise of political and religious agitations” in Kogi Central

The state government also prohibited fishing and other activities after two people were reportedly killed in Kasemiya, Katubo, and Umozu Ette in Kogi West.

Despite these restrictions, Akpoti-Uduaghan assured her constituents that all necessary arrangements had been made for a peaceful and successful celebration and invited the community to join her for the festive occasion.

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