News

Buhari Reveals N9.73trn Available To Fund N20.51trn 2023 Budget

Published

3 years ago

October 7, 2022

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.

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.

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.

News

Bandits Abduct Kebbi Deputy Speaker

Published

2 hours ago

November 1, 2025

Editor

The Deputy Speaker of the Kebbi State House of Assembly, Samaila Bambu, has reportedly been abducted by bandits suspected to be Lakurawa terrorists.

According to a resident familiar with the incident, Bambu was abducted on Friday evening in his hometown, Bagudo, in Bagudu Local Government Area of the state.

Confirming the incident, the Chief Press Secretary to the Governor, Ahmed Idris, said he had just received the information when contacted by The PUNCH.

News

JAMB Flags 2,658 Admissions As Illegal

Published

3 hours ago

November 1, 2025

Editor

The Joint Admissions and Matriculation Board has flagged a total of 2,658 admissions conducted during the 2024/2025 academic session as illegal.

The illegal admissions were flagged from a total of 17 universities, polytechnics, and colleges of education, according to a breakdown of institutional analysis conducted by the board, which was obtained by our correspondent on Friday in Abuja.

This is as public universities ended the admission processes for the 2025/2026 academic session on Friday.

According to the data, the affected institutions with illegal admissions are: Abubakar Tafawa Balewa University (1,847); Osun State University (492); Abubakar Tafari Ali Polytechnic (148); Federal College of Animal and Health Production (66); University of Calabar (28); College of Education, Oro (12); Michael and Cecilia Ibru University (12); Redeemer’s University (five); Pan-Atlantic University (five); Nigerian Army College of Education (two); Kwara State Polytechnic (one); and Best Solution Polytechnic (one), among others.

JAMB categorises admissions conducted outside its Central Admissions Processing System, popularly known as CAPS, as illegal.

Over the years, the board has issued directives to institutions and candidates on the dangers of issuing and accepting admissions outside CAPS.

During the 2025 policy meeting organised by the board, the Minister of Education, Dr Tunji Alausa, warned that severe sanctions, including withdrawal of assets and punishment of officials, would be meted out to institutions involved in illegal admission racketeering.

CAPS, introduced in 2017, is being implemented to ensure transparency, fairness, and merit-based admissions, according to JAMB.

Candidates can track admission offers, accept or reject admissions, and verify their statuses.

Students who accept admissions outside CAPS risk ineligibility for the mandatory National Youth Service Scheme.

News

Gombe Wins Northeast Quiz Competition On Legislature, Democracy

Published

1 day ago

October 31, 2025

Editor

Gombe State has emerged as the winner at the 2025 North East Zonal Quiz Competition on legislature and democracy organised by the National Institute for Legislative and Democratic Studies (NILDS) for senior secondary schools across Northeast on Friday.

Speaking before the commencement of the 2025 edition of the zonal debate which focuses on the legislature, democracy and governance, the Director-General of NILDS, Prof. Abubakar Sulaiman, said the exercise was to deepen the knowledge of legislative and democratic governance among secondary school students and youth.

According to him, it was also to broaden their knowledge on the history, practice and procedure of the legislature and encourage deeper understanding of civic and democratic governance.

The competition, he added, would stimulate the interest of the young students in politics and make them more proactive in matters relating to the legislature and democracy.

He explained that enhancing the knowledge of young Nigerians in the legislature would not only foster an inclusive and participatory legislature in Nigeria but would also serve as an avenue for citizen engagement in the legislative process.

Represented by Mr Jeremiah Agada, NILDS Northeast Zonal Quiz Coordinator, Sulaiman added that the quiz competition would take place in all the six geo-political zones and the Federal Capital Territory (FCT).

“It is also to inspire young Nigerians to cultivate the interest to participate in legislative governance.

“This 10th edition of the competition is therefore the fourth time the competition has been held at the national level.

“As the 2025 NILDS Zonal quiz competition is declared open, I therefore urge all competing students and their teachers to abide by the rules of the game so that the desired objectives of the competition are achieved,” he said.

Also speaking, the Bauchi State’s Commissioner for Education, Dr Muhammed Lawal, said the exercise was a welcome development in the circle of education, adding that it was a ground where students in the zone could be tested among other students in the country.

“This will enable us to improve the quality of our delivery in our various schools to our teeming students across the zone.

“I want them to take it upon themselves that in an engagement like this, there is no loser. You put in your best, and if at the end of the day, you don’t make it up to the top, your efforts will be crowned.

“I hope this will be well covered because it will stimulate other schools to be part of and perform better so that they can come up to this level as well,” he said.

Mohammed appreciated the commitment of teachers and moderators who coached the students to fully participate in the competition and reaffirmed the government’s commitment to revamping the education sector under Gov. Bala Mohammad’s leadership.

Announcing the winner of the competition, the Quiz Master Mr. Lucky Tongs, announced Gombe State as the overall winner of the debate with 75 points

He also announced Taraba State as the first runner up with 55 points and Yobe State as the third position with 50 points, adding that the winner is expected to represent the Northeast sub-region at the National competition in Abuja.

Other states that participated in the competition included Adamawa and Bauchi.