Business

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

Published

4 years ago

December 31, 2021

Editor

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

Okonjo-Iweala Reveals How Nigeria Can Dominate AfCFTA

Published

13 hours ago

September 23, 2025

Editor

The Director-General of the World Trade Organisation, WTO, Ngozi Okonjo-Iweala, says Nigeria has what it takes to lead Africa’s new era of trade if it tackles high logistics costs, develops efficient payment systems, and invests in value addition.

Okonjo-Iweala, who was speaking on the sidelines of the WTO Public Forum in Geneva, Switzerland, said Nigeria and other African economies must speed up the implementation of the African Continental Free Trade Area, AfCFTA, and build stronger infrastructure to unlock billions of dollars in opportunities in manufacturing, services, and digital trade.

“The AfCFTA is a great step, but Africa trades only about 15–20 percent within itself — far below the European Union, EU’s 60 percent. We (Nigeria) need to speed up implementation so Africans trade more with each other.

“Take Lesotho: it exports around $200 million worth of textiles (jeans, etc.) to the U.S. — about 10 percent of its GDP — while Africa imports $7 billion of similar goods. Why not absorb Lesotho’s products within Africa? To unlock intra-African trade, we (Nigeria) need efficient payment systems (Afreximbank and others are working on this), better infrastructure and lower trade costs. It shouldn’t take longer to ship goods from Cape Town to Lagos than from China to Lagos.

“With critical minerals, energy, and new supply chains, plus opportunities in services and digital trade, there’s huge potential — if we invest in connectivity and implementation,” she said.

The former Nigeria’s Minister of Finance also cautioned that negative narratives about global commerce risk overshadowing recent successes achieved through multilateral cooperation.

Business

French Media Giant Canal+ Takes Over S.Africa’s Multichoice

Published

2 days ago

September 22, 2025

Editor

French media giant Canal+ said Monday it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries in Africa, Europe and Asia.

The companies said in a joint statement that the combined group will have a workforce of 17,000 employees and serve more than 40 million subscribers.

The acquisition is “the largest transaction ever undertaken” by Canal+, the statement said.

Canal+, which is already the sector’s leader in French-speaking African countries, now controls what it described as the leader in the continent’s English- and Portuguese-speaking regions.

“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” Canal+ chief executive Maxime Saada said in the statement.

The buyout was given a final green light by South Africa’s competition authority in late July, more than a year after Canal+ launched its bid.

Canal+ offered 125 rand ($7.2) per share for MultiChoice when it launched its offer last year, valuing the South African firm at around $3.0 billion.

Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.

MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.

It includes Africa’s premier sports broadcaster, SuperSport, and the DStv satellite television service.

AFP

Business

BREAKING: Nigeria’s GDP Grows By 4.23% In Q2 2025 – NBS

Published

2 days ago

September 22, 2025

Editor

Nigeria’s Gross Domestic Product grew by 4.23 per cent (year-on-year) in the second quarter of 2025, the National Bureau of Statistics revealed in its Q2 2025 GDP Report.

According to the report released on Monday on its website, the figure shows a significant improvement compared to 3.48 per cent recorded in the second quarter of 2024 and the 3.13 per cent recorded in Q1 2025.

The figures signal a strengthening economy, driven by recent rebasing, rebound in oil production and a resilient non-oil sector.

The report said, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates

“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.

“This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.

According to NBS, “The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.”

The report said in terms of share of the GDP, “the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.”

It added, “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.”

Details later…