Business

Buhari Lists 15 ‘Worrisome Changes’ To 2022 Budget By National Assembly

Published

4 years ago

December 31, 2021

President Muhammadu Buhari has expressed reservations on the ‘‘worrisome changes’’ made by the National Assembly to the 2022 Executive Budget proposal.

He expressed concern on Friday in Abuja while signing into law the 2022 Appropriation Bill and the 2021 Finance Bill, describing the changes as “worrisome”.

He noted that he would revert to the National Assembly with a request for amendment as soon as the Assembly resumes to ensure that critical ongoing projects cardinal to this administration do not suffer a setback due to reduced funding.

Some of the worrisome changes highlighted by Buhari are as follow:

1- Increase in projected FGN Independent Revenue by N400 billion, the justification for which is yet to be provided to the Executive;

2- Reduction in the provision for Sinking Fund to Retire Maturing Bonds by N22 billion without any explanation

3 – Reduction of the provisions for the Non-Regular Allowances of the Nigerian Police Force and the Nigerian Navy by N15 billion and N5 billion respectively

4 – An increase of N21.72 billion in the Overhead budgets of some MDAs, while the sum of N1.96 billion was cut from the provision for some MDAs without apparent justification.

5- Increase in the provision for Capital spending (excluding Capital share in Statutory Transfer) by a net amount of N575.63 billion, from N4.89 trillion to N5.47 trillion

6 – Reductions in provisions for some critical projects, including N12.6 billion in the Ministry of Transport’s budget for the ongoing Rail Modernisation projects

7 – Reduction of N25.8 billion from Power Sector Reform Programme under the Ministry of Finance, Budget and National Planning

8 – Reduction of N14.5 billion from several projects of the Ministry of Agriculture, and introducing over 1,500 new projects into the budgets of this Ministry and its agencies

9 – Inclusion of new provisions totaling N36.59 billion for National Assembly’s projects in the Service Wide Vote

10 – Changes to the original Executive proposal in the form of new insertions, outright removals, reductions, and/or increases in the amounts allocated to projects

11 – Provisions made for as many as 10,733 projects were reduced while 6,576 new projects were introduced into the budget by the National Assembly

12 – Reduction in the provisions for many strategic capital projects to introduce ‘Empowerment’ projects.

13 – Insertion of projects that are basically the responsibilities of State and Local Governments, and do not appear to have been properly conceptualised, designed, and cost.

14 – Many more projects added to the budgets of some MDAs with no consideration for the institutional capacity to execute the additional projects and/or for the incremental recurrent expenditure that may be required.

15 – Despite the National Assembly increasing projected revenue by N609.27 billion, the additional Executive request of N186.53 billion for critical expenditure items could not be accommodated without increasing the deficit, while the sum of N550.59 billion from the projected incremental revenues was allocated at the discretion of National Assembly.

(PUNCH)

Related Topics:2022 budget Buhari National Assembly

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Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

16 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.