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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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Entertainment

Kanayo O. Kanayo demands lifetime streaming royalties for Nollywood stars

Veteran Nollywood actor Kanayo O. Kanayo has stirred up a conversation the industry has been quietly avoiding for years. The award-winning actor and lawyer recently proposed that the Actors Guild of Nigeria (AGN) implement a policy mandating lifetime royalty payments for all Nigerian actors and actresses featured in films uploaded to streaming platforms.

He also called for a dedicated agency to oversee and enforce compliance nationwide, arguing it would ensure performers earn from their craft long after the cameras stop rolling. The timing of the proposal is telling. Stories of financial ruin among once-beloved Nigerian actors have become alarmingly common.

Last month, veteran actor Abiodun Ayoyinka, widely known as Papa Ajasco, spoke openly about his financial struggles despite decades in the industry.

Two years prior, Hanks Anuku made headlines with public pleas for financial assistance after falling on hard times post-Nollywood.

Patience Ozokwor recently put it bluntly: “The reason why Nollywood actors and actresses are poor is that we don’t get royalties for what we do, we only get paid for our appearance at the shoot.” Her words, along with the others, show a consistent pattern of demand.

The proposal has drawn mixed reactions from industry figures. Writer-director Jadesola Osiberu responded with sarcasm, suggesting that if actors want royalties, perhaps they should also contribute to covering a producer’s losses proportional to their screen time, a dig at the one-sided nature of the demand.

Producer and actress Bolaji Ogunmola was more direct: if actors want backend earnings, they should negotiate equity stakes and invest in projects upfront rather than seek guaranteed payouts after the fact.

It’s a fair challenge. The music industry comparison many have reached for doesn’t quite hold up here.

In more structured film industries, residuals are tied to carefully negotiated distribution contracts and enforced by unions, organisations built over decades with legal infrastructure and industry-wide buy-in.

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Katsina plans mass wedding for 1,000 couples

The state government’s maiden welfare initiative will unite 2,000 individuals on April 25, even as armed bandits terrorise nearby communities. The Katsina State Government has announced a mass wedding ceremony for at least 1,000 couples drawn from all 34 local government areas, describing the initiative as a bid to ease the financial burden of marriage on the state’s most vulnerable residents.

The event, scheduled for April 25, 2026, will bring together 2,000 individuals, including widows, orphans, and economically disadvantaged people who, officials say, have long been willing to marry but unable to afford it.

The Director General of the Katsina State Hisbah Board, Malam Abu-Ammar, announced a livelihood support and counselling training session on Thursday.

He said the programme was conceived as part of the government’s efforts to reduce conditions that breed social vices.

“Many widows, orphans, and vulnerable individuals are unable to get married despite their willingness due to socioeconomic challenges,” he said.

The Katsina State Commissioner for Women Affairs, A’isha Malumfashi, added that all 1,000 couples had already undergone medical screening and compatibility verification ahead of the ceremony.

The government has promised support packages for both brides and grooms, though the total budget for the event has not been disclosed.

The announcement, however, comes at a fraught moment for the state. Just hours before it was made public, armed bandits reportedly issued a written ultimatum to communities in Kankia Local Government Area, demanding 700 cows and 1,000 sheep within four days or face violent raids.

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Trump threatens 50% tariffs on countries arming Iran

Donald Trump has cautioned that the United States will impose heavy tariffs on any country that is found to supply military weapons to Iran, raising the bar of pressure in the midst of continuing tensions with Tehran.

On Wednesday, in a statement released on his Truth Social platform, Trump stated that any country supplying arms to Iran would be subjected to a 50 percent tariff on all its goods exported to the United States without any delay.

“A country supplying military weapons to Iran will be immediately tariffed on all goods sold to the United States of America, 50 per cent, effective immediately. There will be no exclusions or exemptions,” he wrote.

The warning comes shortly after the U.S. president announced a temporary ceasefire arrangement with Iran following heightened tensions in the region. This happened just hours before the deadline, Donald Trump urged Iran to reopen the Strait of Hormuz. The US President announced a ceasefire facilitated by Pakistan. In a post X, the White House shared that Trump has issued a temporary hold on all military activities in Iran.

President Trump announced that after conversations with Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, he will be suspending the bombing and attack on Iran for a period of two weeks after the Iranians agreed to an “immediate and safe opening of the Strait of Hormuz”.

He went ahead and added that the US has already met and exceeded all military objectives and is making progress on a long-term peace agreement with Iran. Trump also said his administration is considering possible economic relief measures for Tehran, noting that Washington is currently engaged in discussions around tariff and sanctions relief.

The developments follow Iran’s reported agreement to temporarily reopen the strategically important Strait of Hormuz, a key global shipping route at the centre of recent geopolitical concerns.

While details of the ceasefire and negotiations remain limited, the latest remarks highlight a mix of economic pressure and diplomatic engagement from Washington as it navigates relations with Tehran.

The series of warnings started in March, when Trump issued one of his most explosive warnings yet to Iran, saying the United States could “completely obliterate” the country’s electric plants, oil wells, and Kharg Island if a deal with a so-called “new and more reasonable regime” fails and the Strait of Hormuz is not reopened.

In a post on social media, Trump claimed the U.S. is in serious discussions with a new Iranian leadership aimed at ending American military operations in the country. However, he warned that failure to reach a deal quickly could prompt devastating military action against Iran’s infrastructure.

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