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Buhari Reveals N9.73trn Available To Fund N20.51trn 2023 Budget
Published
3 years agoon
By
Editor
Strong indications have emerged that the new political dispensation in 2023 might have to think out of the box to raise revenue to fund the N20.51 trillion budget presented to the National Assembly by President Muhammadu Buhari on Friday.
The funding crisis became obvious as President Buhari revealed that the total revenue available in the coffers of the outgoing administration stood at just N9.73 trillion.
Meanwhile, there are also indications that the federal government is planning to finance the deficit through new borrowings totalling N8.80 trillion.
Some of these initiatives were contained in the 2023 budget presentation entitled “budget of fiscal consolidation and transition.”
In the fiscal projections contained in the budget, oil price benchmark was earmarked at 70 US Dollars per barrel; with daily oil production estimates of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day) and exchange rate is pegged at 435.57 Naira per US Dollar.
READ ALSO: Nigerians’ll Miss Buhari, Did His Best Amid Distractions – Femi Adesina
This is even as it was projected GDP growth rate of 3.75 percent and 17.16 percent inflation rate.
Commenting on the revenue estimates, President Buhari said fiscal assumptions and parameters, total federally-collectable revenue is estimated at 16.87 trillion Naira in 2023.
He mentioned that total federally distributable revenue is estimated at 11.09 trillion Naira in 2023, while total revenue available to fund the 2023 Federal Budget is estimated at 9.73 trillion Naira. This includes the revenues of 63 Government-Owned Enterprises.
Giving further breakdown, he said oil revenue is projected at 1.92 trillion Naira, Non-oil taxes estimated at 2.43 trillion Naira, Federal Government of Nigeria (FGN) Independent revenues are projected to be 2.21 trillion Naira. Other revenues total 762 billion Naira, while the retained revenues of the GOEs amount to N2.42 trillion Naira.
The President also noted that the 2023 Appropriation Bill aims to maintain the focus of MDAs on the revenue side of the budget and greater attention to internal revenue generation. Sustenance of revenue diversification strategy would further increase the non-oil revenue share of total revenues.”
On the planned 2033 expenditure, the President explained that “a total expenditure of 20.51 trillion Naira is proposed for the Federal Government in 2023. This includes 2.42 trillion Naira spending by Government-Owned Enterprises. The proposed 20.51 trillion Naira 2023 expenditure comprises.
He equally mentioned that Statutory Transfers of N744.11 billion; Non-debt Recurrent Costs of N8.27 trillion; Personnel Costs of N4.99 trillion; Pensions, Gratuities and Retirees’ Benefits of N854.8 billion; Overheads of N1.11 trillion; Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers; Debt Service of N6.31 trillion; and Sinking Fund of N247.73 billion to retire certain maturing bonds were all contained in the fiscal projections for 2023.
On fiscal balance, the President further explained in the budget that, “we expect total fiscal operations of the Federal Government to result in a deficit of 10.78 trillion Naira. This represents 4.78 percent of estimated GDP, above the 3 percent threshold set by the Fiscal Responsibility Act 2007.
He said as envisaged by the law, we need to exceed this threshold considering the need to continue to tackle the existential security challenges facing the country.
READ ALSO: 2023 Budget Of Fiscal Consolidation And Transition [Full Text]
According to him, plans were on to finance the deficit mainly by new borrowings totalling 8.80 trillion Naira, 206.18 billion Naira from Privatization Proceeds and 1.77 trillion Naira drawdowns on bilateral/multilateral loans secured for specific development projects/programmes.
Explaining how the government has been using loans to finance projects, the President went down memory lane, saying over time, we have resorted to borrowing to finance our fiscal gaps. We have been using loans to finance critical development projects and programmes aimed at further improving our economic environment and enhancing the delivery of public services to our people.
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JUST IN: Resident Doctors Begin Five-day Warning Strike Today
Published
55 minutes agoon
September 12, 2025By
Editor
The Nigerian Association of Resident Doctors has commenced a five-day warning strike today, following the expiration of its fresh ultimatum to the Federal Government over unpaid allowances, salary arrears, and unresolved welfare issues.
The association announced the industrial action after what it described as government inaction on long-standing demands.
Resident doctors form the backbone of Nigeria’s public health system, providing a large share of clinical services in federal and state hospitals. Any strike action by the association often paralyses healthcare delivery, leaving patients stranded and hospitals overstretched.
In a message titled “Declaration of strike action” and signed by NARD Secretary-General, Dr. Oluwasola Odunbaku, on Friday, the association confirmed the commencement of the strike.
READ ALSO:Doctors To Decide On Nationwide Strike Today
“Good morning, NEC Members, thank you all for your continued cooperation and understanding. As clearly stated in our earlier communique, the strike is scheduled to commence at 8:00 am today (Friday).
“All Centre leadership is expected to guide their members accordingly. Further updates will be communicated to NEC members in due course,” he said.
Among the grievances are the non-disbursement of the 2025 Medical Residency Training Fund, payment of five months’ arrears from the revised Consolidated Medical Salary Structure, and outstanding specialist and hazard allowances.
READ ALSO:Lagos Doctors To Begin 3-day Warning Strike
NARD said the decision followed a six-hour virtual Extraordinary National Executive Council meeting, after the expiration of its ultimatum to the government — a 21-day deadline issued in July 2025, later extended by 10 days, which lapsed on September 10.
The doctors then gave the government a final 24 hours, which expired on Thursday, September 11.
The E-NEC expressed disappointment that, despite these repeated extensions, the Federal Government had still failed to address critical welfare issues, leaving the association with no choice but to proceed with industrial action.
News
JUST IN: Air Peace Crew Tested Positive For Alcohol, Drug — NSIB Report
Published
4 hours agoon
September 12, 2025By
Editor
The Nigerian Safety Investigation Bureau has indicted an Air Peace pilot and a Co-pilot for taking hard drugs and alcohol.
The accident investigators tested the crew positive for the substances after the aircraft they flew was involved in a runway incursion at the Port Harcourt International Airport on July 13, 2025.
This was contained in a preliminary report signed by the Director of Public Affairs and Family Assistance at Nigerian Safety Investigation Bureau, Mrs Bimbo Olawumi Oladeji, made available to The PUNCH on Friday.
It will be recalled that an Air Peace aircraft, on a Sunday morning of 13th June, had a runway excursion after landing at the Port Harcourt International Airport.
READ ALSO:JUST IN: Tension As Air Peace Flight Veers Off Runway In Port Harcourt
The aircraft veered off the runway without any damage.
An aircraft incursion is the wrongful or unauthorised positioning of an airplane at the runway.
Incursions are most often caused by miscommunication, mistakes, faulty gear, and potholes on runways, among others. But with the discovery, pilots’ intoxication has been added to the list of causes.
According to the NSIB report, the pilots who were flying an Air Peace Boeing 737 aircraft were involved in a serious incident while carrying 103 passengers.
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The NSIB said, “The aircraft, operating as a scheduled domestic flight from Lagos to Port Harcourt with 103 persons on board, landed long on Runway 21 after an unstabilised final approach. The aircraft touched down 2,264 metres from the runway threshold and came to a final stop 209 metres into the clearway.
“All passengers and crew disembarked safely, and no injuries were reported.”
According to the report, the domestic flight, which took off from Lagos, experienced an unstabilised final approach before landing long on Runway 21.
The NSIB revealed that the aircraft touched down 2,264 metres from the runway threshold, well beyond the recommended touchdown zone, and eventually came to a stop at 209 metres into the clearway.
While all on board disembarked safely, the incident raised immediate safety concerns.
READ ALSO:Bird Strike Forces Air Peace Flight To Emergency Return
The preliminary reports say toxicological test results conducted on the flight crew turned out positive. The Tests indicated the presence of alcohol in the system of the crew, while another crew member also tested positive for tetrahydrocannabinol (THC), the active compound found in cannabis, colloquially referred to as “India hemp.”
The bureau noted that these toxicology results are being assessed within the scope of human performance and safety management, both critical factors in aviation incident investigations.
Following the development, the NSIB said it had issued immediate safety recommendations to the airline.
The statement further reads, “Initial toxicological tests conducted on the flight crew revealed positive results for certain substances, including indicators of alcohol consumption. A cabin crew member also tested positive for THC, the psychoactive component in cannabis. These results are being reviewed under the human performance and safety management components of the investigation.
“The NSIB has issued immediate safety recommendations for Air Peace Limited to strengthen crew resource management training, particularly in handling unstabilised approaches and go-around decisions, and to reinforce internal procedures for crew fitness-for-duty monitoring before flight dispatch.
“Toxicological test was conducted on the flight crew at Rivers state hospital management, department of medical laboratory, Port Harcourt, on 13th July 2025, and they tested positive for some substances. Toxicological screening conducted post-incident revealed that Captain and first officer tested positive for Ethyl Glucuronide, indicating recent alcohol consumption.”
News
Obasa Speaks On His Political Ambition After Lagos Speakership
Published
4 hours agoon
September 12, 2025By
Editor
Obasa speaks on his political ambition after Lagos speakership
Speaker of the Lagos State House of Assembly, Mudashiru Obasa.
Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has admitted he is considering life beyond the speakership, saying he does not rule out a governorship ambition.
Obasa, who recently faced a political storm that briefly saw him removed from his position, said this in an interview with Television Continental on Thursday.
In his previous interview with the TV station, Obasa had said that the next step in his political career is to become a senator or a governor, having served as a councillor and speaker.
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When reminded about the statement, Obasa said the statement, which he made seven years ago, wasn’t assertive.
He maintained that his aspirations and decisions about his political future ultimately rest with his party.
“Let me just explain. Now that we are talking about politics, you have to be a member of a political party and if you are a member of a political party, you have to believe in the leadership of the party,” Obasa said.
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He explained that although every politician has ambitions, progression in politics depends on party structures and leaders.
“So you get to a stage where you cannot determine what is next for you. On your own, you may aspire that I want to become this, but if you have respect for the party and the way the party is being managed, you know that the party leaders will sit together and decide who will be next. It’s all about consultation, engagement with the party leaders,” he added.
The Speaker, however, did not deny harbouring governorship ambitions. When asked if he would consider extending his stay in the Lagos Assembly for another four-year term, Obasa responded, “not really.”
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