Business
2023 Budget: Concerns Mount Over N8.2 Trillion Recurrent Expenditure
When the 2023 annual budget of N20.51 trillion annual budget was presented to the joint session of the upper and lower legislative Chambers, it would have been taken as a normal exercise without raising an eyebrow, considering that the presentation was in line with some relevant provisions of the Constitution.
However, issues of legitimacy and otherwise began to prop up as both Chambers commenced the legislative debate on the general principles of the document on Wednesday.
The debate on the general principles of the budget document, which is officially an executive bill, has nonetheless revealed figures in detail, item by item in line with the priority of government under Capital, Personnel and Recurrent expenditures.
It is in line with this that DAILY POST observed that the recurrent expenditure of the current administration has been alarmingly on steady rise amid the yearning of government to cut cost in governance. For instance, the recurrent expenditure or overhead cost as it is also called for 2023 has surged from N6.9 trillion in 2022 to N8.2 trillion.
READ ALSO: bBuhari Reveals N9.73trn Available To Fund N20.51trn 2023 Budget
The recurrent expenditure is the yearly cost of activities of government and it was expected that this cost reduces due to certain measures or policies of the President Muhammadu Buhari administration which were aimed at putting this expenditure on the downward spiral.
It is observed that in 2018, three years after President Muhammadu Buhari took over governance on the platform of the All Progressives Congress (APC), the recurrent expenditure was out at N3.5 trillion in rise of the preceding year; again in 2019, it went up to N4.7 trillion. This is even when governance was completely shut down due to the COVID-19 pandemic. DAILY POST recalled that both public and private establishments resorted to virtual means of doing business, yet no single amount of money was refunded to the national treasury of the Federal government as unspent overhead.
Again in 2020, the total amount for recurrent stood at N4.8 trillion. This is notwithstanding the embargo placed on recruitment of workers into the Federal Civil Service in the past seven years of Buhari’s administration. This is except for replacement of workers who have either died or resigned from service.
Though, the legislative session in the upper and lower legislative Chambers have been suspended to enable the Committees conduct public hearings on the appropriation of Ministries, Departments and Agencies of government, it should be a matter of curiosity on the part of the Chairmen and the members of those Committees to subject heads of the agencies of government to serious interrogation.
To also dwell much on budget performance of each agency of government would be the right thing to do, particularly on their recurrent expenditure where it would lay bare value for funds released by the Federal Ministry of Finance for the year under review.
Reacting on Wednesday after plenary, the Senator representing Borno South Senatorial district, and Chairman of Committee on Army, Ali Ndume decried the yearly rise in recurrent expenditure without the commensurate results or successes in government circle.
READ ALSO: 2023 Budget Of Fiscal Consolidation And Transition [Full Text]
In what he described as “Yahoo Yahoo boys in government offices”, the lawmaker lamented that some civil servants in government were worse off when it comes to the handling of public funds, stressing that they steal with impunity.
He queried the 2023 recurrent expenditure which the Federal government was seeking approval from the parliament, saying that it amounted to a 43% increase compared to that of 2022, while insisting that the appropriation shouldn’t be allowed to scale third reading in a hurry after they have reconvened on 15th November.
The lawmaker believes that the upward trend in the recurrent expenditure means enriching individual pockets of some officials of government and further queried the essence of IPPIS and other payment platforms.
Though he lauded the Buhari administration’s timely releases of funds based on the yearly budget circle that runs from January to December, he doubted that meaningful achievements could be recorded amid rise in recurrent expenditure and debt servicing, particularly in 2023.
Ndume said: “What we witnessed in this administration is an improved implementation of the budget, in terms of releases.
“To the continuous rise in the recurrent expenditure and debt servicing, but that in debt servicing is even understandable. When you borrow to spend on recurrent and this money is going to less than 5 percent of Nigerian workers.
“Right now the recurrent expenditure is standing at about 43 per cent which should be a concern to everyone.”
He also called for investigation of the current figure, saying: “This rise in recurrent expenditure should be investigated.
“The introduction of TSA, GIFMIS and IPPIS is supposed to control this cost, but instead you know Nigerians. I suspect we have more yahoo Yahoo people in the government than you find in the hotels and on the streets.”
According to him, the sum of N32 billion allocated to the Nigerian Army as capital expenditure amid the high level of insecurity was grossly inadequate, adding that the figure has been static in the last three years.
He said the Army which he chairs have improved the security challenges across the nation, believing that if the amount was upscaled it could reduce insecurity in the country.
He added: “I’m in charge of the Army. Look at the funniest thing, we are in a war situation everywhere. We are saying the challenge of insecurity should be addressed which is very important.
“But guess what? The capital budget of the Nigerian Army again is only N32 billion. Are we serious? If we are not safe, how can we even spend?
“The capital budget of the Nigerian Army is still grossly inadequate compared to what they need to bring this issue of escalating insecurity to an end.”
In her view, Senator Oluremi Tinubu representing Lagos Central Senatorial district commended President Buhari for the 2023 budget, saying that he has laid a solid legacy over the years he has spent.
READ ALSO: Nigerian Govt Plans N19.76trn Budget For 2023
She said: “President Muhammadu Buhari has laid a solid legacy and the 2023 N20.51 trillion which is a combination of all subheads will be used to continue his legacies in infrastructure by the successive governments.
“Of course, Buhari is not a magician that will complete everything during his tenure. He did his best and he is still doing but another government will continue from where he stopped”, Oluremi said.
DAILY POST
Business
CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments
The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.
The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.
According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.
“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.
The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.
Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.
Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.
The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.
The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.
This means the two financial institutions can no longer operate as licensed financial institutions.
Business
9th FirstBank Digital Xperience Centre Launched In UNIBEN
First Bank Nigeria Plc on Tuesday launched its Digital Xperience Centre (DXC) at the University of Benin Branch, Benin City.
In his remarks at the launching, Chief Executive Officer, First Bank Plc, Olusegun Alebiosu, described the digital xperience centre as “an exceptional feat in our shared commitment toward innovation,” adding that
“this is our 9th Centre, and it operates round-the-clock.”
Alebiosu, while stating that the “FirstBank’s DXC is more than a banking facility,” added that “it is a step toward redefining how banking connects with education, technology, and the whole community.”
He said: “In partnership with the University, we’ve created a hub where students, faculty and community members can access FirstBank’s digital world.
READ ALSO:Full List: FG Releases Names Of 68 ambassadorial Nominees Sent To Senate For Confirmation
“Our DXCs are more than just banking hubs – they are gateways to a smarter, faster, and more personalised financial journey. Equipped with cutting-edge technology, customers have access to state-of-the-art self-service terminals designed to simplify transactions while ensuring top-tier security and efficiency.
“Whether you need to deposit cash, request for debit card, or update your account details, the DXC’s provides an elevated banking experience with speed and ease, designed to put you in control.
“Our DXCs operate round-the-clock, including weekends, providing the convenience you need to bank anytime in just a few minutes.
READ ALSO: First Bank Releases Statement On Foiled Abuja Robbery Attack
“The DXC embodies our commitment to Environmental Social and Governance (ESG) principles as it promotes financial inclusion, fosters digital literacy, and uses sustainable technology to empower underserved communities.”
The CEO, while thanking the leadership of UNIBEN for “partnering with us to bring this vision to life, aligning academic excellence with cutting-edge technology,” urged the public to “embrace this DXC as a catalyst for learning, innovation, and development.”
In his remarks at the launching, the Vice-Chancellor, UNIBEN, Prof. Edoba Omoregie said: “We are very happy that First Bank is doing this in our institution,” describing UNIBEN as a “first generation university.”
Earlier, while playing host to the First Bank CEO and his team in his office, Prof. Edoba had sought support from the company in the revamp of the university Information Technology Centre (ICT).
Business
Full List: 82 Newly Approved, Fully Licensed BDC Operators
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.
In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.
“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.
The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.
READ ALSO:CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators
The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.
TIER 1
1 DULA GLOBAL BDC LTD
2 TRURATE GLOBAL BDC LTD
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1 ABBUFX BDC LTD
2 ACHA GLOBAL BDC LTD
3 ARCTANGENT SWIFT BDC LTD
4 ASCENDANT BDC LTD
5 BARACAI BDC LTD
6 BERGPOINT BDC LTD
7 BRAVO MODEL BDC LTD
8 BRIMESTONE BDC LTD
9 BROWNSTON BDC LTD
10 BUZZWALLET BDC LTD
11 CASHCODE BDC LTD
12 CHATTERED BDC LTD
13 CHRONICLES BDC LTD
14 COOL FOREX BDC LTD
15 CORPORATE EXCHANGE BDC LTD
16 COURTESY CURRENCY BDC LTD
17 DANYARO BDC LTD
18 DASHAD BDC LTD
READ ALSO:JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000
19 DEVAL BDC LTD
20 DFS BDC LTD
21 EASY CASH BDC LTD
22 ELELEM BDC LTD
23 E-LIOYDS BDC LTD
24 ELOGOZ BDC LTD
25 ENOUF BDC LTD
26 EVER JOJ GOLD BDC LTD
27 EXCEL RIJIYA FOREX BDC LTD
28 FABFOREX BDC LTD
29 FELLOM BDC LTD
30 FINE BDC LTD
31 FOMAT BDC LTD
32 GENELO BDC LTD
33 GENTLE BREEZE BDC LTD
34 GRACEFUL GLORY AND HUMILITY BDC LTD
35 GREENGATE BDC LTD
36 GREENVAULT BDC LTD
37 HAZON CAPITAL BDC LTD
38 HIGH-POINT BDC LTD
39 I & I EXCHANGE BDC LTD
40 IBN MARYAM BDC LTD
41 JOURNEY WELL BDC LTD
42 KEEPERS BDC LTD
43 KHADHOUSE SOLUTIONS BDC LTD
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
44 KIMMELFX BDC LTD
45 KINGSOFT ATLANTIC BDC LTD
46 M.S. ALHERI BDC LTD
47 MASTERS BDC LTD
48 MCMENA BDC LTD
49 MKOO BDC LTD
50 MKS BDC LTD
51 MR J GOLF BDC LTD
52 MUSDIQ BDC LTD
53 MZ FOREX BDC LTD
54 NEJJ BDC LTD LTD
55 NETVALUE BDC LTD
56 NEW WAVE BDC LTD
57 NOTABLE AND KINGSTON BDC LTD
58 PILCROW BDC LTD
59 RAPID BDC LTD
60 RIGHTWAY BDC LTD
61 RWANDA BDC LTD
62 SABLES BDC LTD
63 SAFETRANZ BDC LTD
64 SAMFIK BDC LTD
65 SEVENLOCKS BDC LTD
66 SHAPEARL BDC LTD
67 SIMTEX BDC LTD
68 SOLID WHITE BDC LTD
69 ST. NICHOLAS GLOBAL BDC LTD
70 TOPFIRST UNIQUE MULTICHOICE BDC LTD
71 TOPGATE BDC LTD
72 TRAVELLER’S CHOICE BDC LTD
73 TUCA GLOBAL BDC LTD
74 TURBOVA BDC LTD
75 TURN-UP BDC LTD
76 UNIGO BDC LTD
77 VICTORY AHEAD BDC LTD
78 WHITEWAY WWW BDC LTD
79 YUND GLOBAL LINK BDC LTD
80 ZAMAD FOREX BDC LTD
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