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

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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.

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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

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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.

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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.

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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.

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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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Edo SWAN Distances Self From Online Publication Against Enabulele

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…demands retraction, warns member against unverified publication

The Sports Writers Association of Nigeria (SWAN), Edo State Chapter, has distanced itself from an online publication titled: ‘Samuel Ogbemudia Stadium Shut Against Stephen Keshi.’

A statement signed by the Secretary of the association, Comrade Idahosa Moses, Edo SWAN said neither was it consulted nor involved in the “framing of the narrative presented by the online publication.”

Edo SWAN described the publication as misleading, sensational and grossly lacking in factual balance.

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The statement partly reads: “SWAN finds the report inconsistent with the ethical standards and core values of the journalism profession.

READ ALSO:SWAN Orders Nationwide Boycott Of NFF Activities

“While Edo SWAN recognises and respects the sentiments expressed by Mr. Austin Popo, Secretary of the Board of Trustees of the Stephen Keshi Football and Vocational Training Centre (SKFTVC), concerning the challenges encountered in securing the use of the Samuel Ogbemudia Stadium for this year’s Stephen Keshi Memorial National Under-17 Soccer Tournament, it is imperative to state that such concerns should not be reported in a manner that imputes motives, assigns blame without verification, or portrays public officials as acting in bad faith.”

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On allegations against the Executive Chairman of the Edo State Sports Commission, Hon. Amadin Desmond Enabulele, in the publication, SWAN described Enabulele as a “seasoned professional with a proven track record of integrity and dedicated service to sports development in Edo State.”

Any insinuation that he or the Commission deliberately acted to undermine the memory and legacy of the late Stephen Okechukwu Keshi is not only unfair but also unsupported by verifiable facts.”

Edo SWAN, therefore, “strongly cautions the publisher of Popular News to desist from publishing unverified and inflammatory reports capable of misleading the public and damaging reputations.”

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READ ALSO:Botswana’s New President Sworn In As Voters Kick Out Ruling Party Of Nearly Six Decades

The Association formally demands that the controversial publication be withdrawn immediately and that an unreserved apology be tendered to Hon. Amadin Desmond Enabulele.”

SWAN further “extends its sincere apologies to the Chairman of the Edo State Sports Commission, who is also a Patron of the Edo SWAN Chapter, for any embarrassment or misrepresentation arising from the said publication, and assures him of its continued respect, support and cooperation.”

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Edo SWAN, while stating that it “shares in the collective responsibility of preserving and honouring the legacy of the late Stephen Keshi—a national icon whose contributions to Nigerian football remain indelible—the Association, maintained that “this noble course must be pursued through constructive engagement, professionalism and mutual respect among all stakeholders.”

Edo SWAN, thereafter, warned “all sports writers in the state to avoid unverifiable reports and sensationalism, stressing that any member found culpable of professional misconduct will be decisively sanctioned in line with the Association’s statutes.”

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Court Dissolves Petitioner’s Marriage Over Lack Of Love, Care

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An Area Court sitting at Centre-Igboro, Ilorin in Kwara State, on Thursday, dissolved the four-year-old marriage between Aminat Mustapha and Wahab Adeshina, following the petitioner’s insistence.

The petitioner told the court that she was no longer interested in her marriage to her husband following claims of lack of love and care.

According to the News Agency of Nigeria (NAN), while delivering ruling, the presiding judge, Mr Toyin Aluko, held that the respondent had written to the court, accepting the divorce application made by his wife.

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READ ALSO:Why I Charged My Husband Money For Sex —Woman

Aluko, consequently, dissolved the marriage between the parties, and ordered the woman to observe one month iddah (waiting period) before she could remarry.

Meanwhile, the court granted custody of the two children in the marriage, ages one and three, to their mother.

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He ordered the father to pay a monthly sum of N20,000 for the children’s feeding and maintenance.

The court also held that the respondent will be responsible for their education and healthcare.

Again, the court held that the father has unrestricted access to his children, but at reasonable time adding that he should be notified before any decision is taken on his children.

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The judge ordered the petitioner to get a copy of the judgment and send same to the respondent.

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Tinubu Embarks On Three-state Visit

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President Bola Ahmed Tinubu will depart Abuja on Saturday on a working visit to Borno, Bauchi and Lagos.

This is contained in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, on Friday in Abuja.

While in Borno, the President will commission projects executed by the Borno State Government under Gov. Babagana Zulum, in collaboration with the Federal Government.

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He will also attend the wedding ceremony of Sadeeq Sheriff, son of former Borno Governor, Sen. Ali Modu Sheriff, and his bride, Hadiza Kam Salem.

READ ALSO:Ambassadorial Nominees: Ndume Asks Tinubu To Withdraw List

From Maiduguri, Tinubu will proceed to Bauchi State to condole with the state government and the family of Sheikh Dahiru Bauchi, the renowned Islamic cleric and leader of the Tijjaniyya Muslim Brotherhood.

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Sheikh Dahiru Bauchi died on Nov. 27.

After the condolence visit, the President will travel to Lagos, where he will spend the end-of-year holidays.

During his stay in Lagos, Tinubu is expected to attend several engagements, including the Eyo Festival scheduled for Dec. 27.

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The festival, to be held at Tafawa Balewa Square, will honour notable personalities, including the President’s late mother, Alhaja Abibatu Mogaji, former Lagos State governors Alhaji Lateef Jakande and Chief Michael Otedola.

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