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2022 Budget: President Buhari Set To Present Appropriation Bill Before NASS

Electronic Transmission of Results

President Muhammadu Buhari is set to appear before a joint session of the National Assembly (NASS) on Thursday, October 7, 2021, where he will present the 2022 budget. This follows a letter presented to the Senate by the president which was read by the Deputy Senate President, Ovie Omo-Agege.

President Buhari had earlier submitted the revised 2022-2024 Medium Term Fiscal Framework to the Committee on Finance for legislative input. In his letter, PMB explained why the revision was necessary in order to include all the new fiscal terms in the Petroleum Industry Act, 2021, as well as other critical expenditures in the 2022 budget.

According to him;

“The PIA established a progressive fiscal framework aimed at encouraging investment in the Nigerian Petroleum Industry. This significantly alters the Oil and Gas fiscal terms and has necessitated changes in the 2022-2024 Medium Term Fiscal Framework.

“The fiscal effects of PIA implementation are assumed to kick in by mid-year 2022. The revised 2022-2024 Fiscal Framework is premised on hybrid of January-June (based on current fiscal regime) and July-December (based on PIA fiscal regime), while 2023 and 2024 are now fully based on the PIA.”

The areas where these changes reflect include a reduction of Gross Revenue projection by N341.57 billion (from N8.870 trillion to N8.528 trillion); decreased deductions for federally funded upstream projects costs and 13 percent derivation by N335.3 billion and N810.25 million respectively; and Net Oil and Gas revenue projection declined by N5.42 billion from N6.540 trillion to N6.535 trillion.

To cover the deficit, revenues are expected to be generated to do so. N837.76 billion will be generated from an increase in revenue of Government-Owned Enterprises; N697.6 billion from MDAs Internally Generated Revenue; the introduction of Education Tax of N306 billion and Dividend of N8.3 billion from the Bank of Industry as revenue lines; and FGN share of oil price royalty of N96.9 billion which is expected to be transferred to the Nigerian Sovereignty Investment Authority based on the provisions of the PIA.

The Deputy Senate President, after reading the President’s letter referred same to the Committee on Finance.

The Committee which is Chaired by Senator Solomon Olamilekan Adeola was mandated to report back tomorrow, Wednesday, October 6, 2021.

“You will have to report back to us latest tomorrow (Wednesday), to enable us to use it as a predicate for the budget presentation on Thursday.”

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Asake Drops fourth studio album M$NEY, featuring DJ Snake, Tiakola Amongst Others

Four albums in, two Grammy nominations to his name, the most entries on the Billboard U.S. Afrobeats Songs chart, and the most-streamed artist on Spotify Nigeria, Asake drops M$NEY, his fourth studio album released on the 1st of May via GIRAN REPUBLIC and EMPIRE.

The 13-track project is Asake’s most sonically varied to date. It opens with a live choral performance (an unusual choice that immediately signals this is not going to be a straightforward Afrobeats record) and moves through orchestral arrangements, jazz-tinged strings, dance production, and amapiano before it is done.

Speaking on the album, Asake said: “M$NEY is a reflection of my spiritual and creative journey. Everything flows from a place of gratitude to God, and every moment that’s shaped me. I stay true to myself but also weave in new creative expressions from my life experiences and personal evolution.”

Fans got their first taste of the project as far back as February 2025 with ‘Why Love’, followed by ‘Badman Gangsta’ featuring French artist Tiakola, a track built around a reimagined sample of Amerie’s ‘1 Thing’ that turned out to be one of the more interesting sonic swings of his singles run.

Then came ‘Worship’ with DJ Snake, which pushed the project into full cross-continental territory.

The full album expands on all of that. Outside the previously released singles, the album includes ‘Gratitude’, ‘Forgiveness’, and ‘Asambe’, a collaboration with South African amapiano producer Kabza De Small. It’s a pairing that will likely draw attention, given both artists’ standing in their respective markets.

The album artwork was created by Iraqi-Dutch artist Arthar Jabar.

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Tinubu Names Bianca Ojukwu New Foreign Affairs Minister

In a major reform of his administration’s foreign policy team, President Bola Ahmed Tinubu has appointed Ambassador Bianca Odumegwu-Ojukwu as the official Minister of Foreign Affairs. The appointment, announced on Wednesday, April 29, 2026, by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, follows the resignation of Ambassador Yusuf Tuggar.

Tuggar stepped down to pursue the All Progressives Congress (APC) governorship ticket in Bauchi State ahead of the 2027 general elections. As part of this move, the President also nominated Ambassador Sola Enikanolaiye as the new Minister of State for Foreign Affairs, pending confirmation by the Senate.

Yusuf Tuggar’s departure marks the first high-profile exit following the presidency’s March 31 deadline for political appointees with 2027 ambitions. Tuggar, who had led the ministry since August 2023, is shifting his focus to the Bauchi State Government House. His resignation paved the way for a reshuffle that moves Ojukwu from her previous role as minister of state to the head of Nigeria’s foreign policy system.

While many recognise her as a former Most Beautiful Girl in Nigeria (MBGN) and the widow of the late Biafran leader and statesman Chukwuemeka Odumegwu-Ojukwu, Bianca Ojukwu. She served as Nigeria’s Senior Special Assistant on Diaspora Affairs and held key postings as the country’s Ambassador to Ghana and the Kingdom of Spain. A trained lawyer with a degree from the University of Nigeria (UNN), she also holds a Master’s degree from Spain, specialising in international relations.

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Alarm Bells As Attorney General asks court to deregister ADC, 4 other political parties

Nigeria’s Attorney General has filed a court case seeking the deregistration of five political parties, including ADC and others, over alleged failure to meet constitutional electoral requirements, sparking concerns about electoral fairness and political freedom.
Concerns about Nigeria’s electoral system are growing after the Attorney General of the Federation, Lateef Fagbemi, asked a Federal High Court in Abuja to order the deregistration of five political parties, a move that critics say could reshape the country’s political landscape ahead of future elections.

The parties listed in the suit include the African Democratic Congress (ADC), Action Alliance (AA), Action Peoples Party (APP), Accord Party, and the Zenith Labour Party (ZLP). In court documents, Fagbemi argued that the continued existence of these parties violates constitutional provisions, insisting that the Independent National Electoral Commission (INEC) is failing in its duty by keeping them on the register.

According to the filing, INEC would “continue to act in breach of its constitutional duty” if the court does not step in.

The case, filed at the Federal High Court in Abuja and marked FHC/ABJ/CS/2637/2026, was brought by the Incorporated Trustees of the National Forum of Former Legislators. Both INEC and the Attorney General are listed as defendants.

The move is already stirring political controversy. Opposition figures have accused the administration of Bola Tinubu of trying to weaken alternative voices in the system.

Some parties allege a broader strategy to shrink the political space, including claims of interference in internal party affairs, though the government has not officially responded to those accusations in this case.

Nigeria currently operates a multi-party system, with over a dozen registered political parties. Analysts say enforcing deregistration rules could streamline the ballot and reduce voter confusion, but it could also limit political diversity if applied selectively.

The Supreme Court had previously ruled in 2020 that INEC has the constitutional authority to deregister parties that fail to meet requirements, leading to the removal of several parties at the time. However, legal debates continue over how strictly those provisions should be enforced.

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