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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.

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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.

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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.

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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.”

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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.

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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.

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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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Firm Wants Attorney-General Investigate Court Ruling On Breach Of Contract

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The management of Fidken Multi Services Ltd., has called on the Attorney-General and Minister Justice, Lateef Fagbemi, SAN, to intervene on alleged judicial manipulation and connivance in a case between the firm and Togo Oil & Marine Ltd, also known as TOM, owneriof Vessel MV MONTY J & ANOR.

Fidken Multi Services Ltd. also called on the Chief of Naval Staff,
Vice Admiral Emmanuel Ikechukwu Ogalla, and Chief of Army Staff, Lieutenant General Olufemi Oluyede, to investigate and bring to justice their men who allegedly aided the escape of the vessel owned by a foreign firms despite a restraining order from the Court of Appeal Lagos.

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The Managing Director, Fidken Multi Services Ltd., Engr. Kennedy Fidelis, made the call on Wednesday in a statement made available to newsmen in Warri, Delta State.

According to him, his company, Fidken Multi Services hired the vessel for a period of Six (6) Months with a renewable agreement but unfortunately the vessel broke down after two weeks of delivery to Nigeria from Lome, Togo.

He named Socemet as Ship Brokers, that is, the company that connected his company with the ship owners.

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He noted that, rather than the owner-company to take up the responsibility of repairs as per contract agreement, TOM sent representatives to plead with the management of Fidken Multi Services Ltd to assist in fixing the vessel.

He said TOM, m during the plea, said that the company was bankrupt to foot the bill of the repair, just as the company promised to make a refund of any amount spent on the repair or make deduction during execution of the contract.

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The MD added that, the promise of refund or deduction during execution of the contract prompted his company to show concern and consequently took full responsibility of the repair.

According to him the breakdown of the vessel was already causing a lot of down time and draw back to his business.

READ ALSO: US Court Sentences Osun Monarch To Prison Over $4.2m Fraud

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He lamented that, however, immediately after the repair, the management of TOM first attempt was to put up the vessel for sale without his knowledge or any of his management staff.

Engr. Fidelis said this single act by TOM to sell out the vessel he repaired when it was down without his knowledge was a complete breach of the existing contract.

According to him, after several attempts to take away the vessel from him, they finally escaped with the vessel back to Lome, Togo, in spite of a restraining order by the Court of Appeal in Appeal No: CA/LAG/CV/991/2024.

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He narrated: “We approached the court to demand a full Bank guarantee of USD380,729.00 ,USD 1.080,000.00 and USD 659,555.00 to cover our total claims as pre Bond condition ordered by Appeal Court should they go away with the vessel. But surprisingly, the Federal High Court in its judgement awarded the Sum of USD380,729.00 only as a guarantee for the release of the vessel. This sum can only cater for a part of the expenses we have incurred in maintaining the vessel, so we approached the Court of Appeal, and a restraining order was immediately placed on the release of the vessel.

“But this foreign company, in connivance with security agents jettisoned the order and moved the vessel out of the country.

READ ALSO: FG Security Agency, Nigerian Army Move To Tackle Illicit Small Arms, Light Weapons

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“The judgment by the Federal High Court, was a surprise to us. We couldn’t believe that in spite of the evidence our legal team presented, the presiding judge could give such a judgement. And this is why we are calling on the Attorney-General to investigate this. Also, some security agents aided this company to escape with the vessel.”

Corroborating this, Comrade Omentan Parson, a human rights activist who said he has been following up the case since inception, said this was the fifth time the company attempted to escape with the vessel, lamenting that they eventually succeeded.

He alleged that this same foreign company, in order to escape with the vessel, used Nigerian security personnel to kidnap the security man in charge of the vessel, saying this matter of kidnap is about to be filed in the court too.

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It’s quite unfortunate that Nigerian security agents whose monthly pay is from tax payers (Nigerians) could be used by a foreign company against fellow Nigerians. This is very bad. They (security agents) aided every step of the vessel in making sure it escape from this country.

“I was by the Jetty in Port Harcourt where I saw security agents supervise the bunkering the vessel and provide an escort Gunboat with personnel in making sure she left the shores of Nigeria.”

Calls put across to the foreign contact of the Managing Director of TOM, Mrs Jessica Jones, by our correspondent did not connect neither did she reply to the SMS sent to her cellphone.

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FCT Court Summons Dino Melaye For Non-payment Of Over N500m Tax

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Former Senator representing Kogi West, Dino Melaye, has been summoned to the Federal Capital Territory Magistrate Court over alleged failure to pay his mandatory Personal Income Tax for 2023 and 2024.

The summons dated August 21, 2025, also included that an underpayment of taxes in 2020, 2021, and 2022 owed by Melaye requires him to appear before the Magistrate Court at Wuse Zone II, Abuja, on September 5, 2025.

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According to the FCT Internal Revenue Service, Melaye only paid N85,000.08 in 2019, N100,000.08 in 2020, N120,000 in 2021, and N1,000,000 in 2022, despite declaring much higher annual incomes.

It revealed that, for instance, in 2022, he declared an annual income of over N6.5 million.

READ ALSO:FCT Police Arrest Man Over Death Of 3-year-old Boy Who Drowned In Uncovered Septic Tank

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It was revealed that an administrative assessment for 2023 and 2024 was issued on May 23, 2025, but when Melaye failed to respond within 30 days, a notice of best judgment assessment was issued on June 23, 2025.

The notice outlined that Melaye’s total tax liabilities for 2023 and 2024 were assessed at N234,896,000.00 and N274,712,000.00, respectively.

The notice read, “Despite reminders and ample time provided, your non-compliance with Section 41 of the Act constitutes a breach of your obligations.

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“Consequently, the Federal Capital Territory Internal Revenue Service (FCT-IRS) has, in accordance with Section 54(3) of the Personal Income Tax Act, proceeded to raise a Best of Judgment Assessment in respect of your tax liabilities for the years under review.

READ ALSO:FCTA Local Contractors Protest Non-payment Of N5.2bn Bills

Accordingly, your tax liability has been assessed in the sum of N234,896,000.00 and N274,712,000.00 for the period of 2023 and 2024, respectively. The computation and assessment are attached for your action.

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“Please note that the Service has also identified income under declaration and under payment for the 2020, 2021 and 2022 years of assessment, during which payment of N1,000,000.00, N120,000.00 and N100,000.00 were made respectively. Notices of additional will be issued upon the conclusion of our review.

“Your are hereby informed that you have the right to object to this assessment within thirty (30) days from the date of receipt of this notice. Any objection must clearly state the grounds of your objection and be substantiated with relevant supporting documents.

“Failure to make payment or file objection within the stipulated period will result in the assessment being deemed final and conclusive, and recovery proceedings will be initiated without further notice,” the FCT-IRS said.

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FG Shuts Illegal Gold Mining Site In Abuja

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The Minister of Solid Minerals Development, Dele Alake, has directed mining marshals to seal an illegal gold mining site in Gwagwalada, Federal Capital Territory, to avert potential environmental hazards.

This was contained in a statement signed by the Special Assistant on Media to the Minister, Segun Tomori, on Wednesday.

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This follows an earlier operation on August 16, 2025, which led to the recovery and sealing of another site around the District 2 Extension layout in Gwagwalada, where 16 suspects were arrested.

Authorities confirmed that the suspects will be prosecuted soon.

READ ALSO:FG Shuts 22 Illegal Tertiary Institutions

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He said, “Following reports of illegal gold mining in the Gwagwalada area of the Federal Capital Territory, the Minister of Solid Minerals Development, Dele Alake, has directed the mining marshals to seal off the site to mitigate potential environmental hazards.”

Preliminary findings revealed that artisanal miners invaded the Gwagwalada area after a gold vein was accidentally discovered during the digging of a soakaway pit near a residential property.

The latest incident occurred on farmland behind CKC in Gwagwalada.

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Upon receiving intelligence on renewed unlawful mining activity, “Alake promptly ordered the deployment of mining marshals to secure the site,” the statement read.

READ ALSO:FG Security Agency, Nigerian Army Move To Tackle Illicit Small Arms, Light Weapons

During an on-the-spot assessment on Wednesday, officials of the ministry led by the Director of Mines Inspectorate, represented by the Deputy Director, Sunday Okhuoya, “expressed satisfaction with the level of compliance with the minister’s directive, disclosing that relevant departments of the ministry have launched a thorough investigation to unravel the root of these incidents whilst recommending measures to prevent a recurrence.”

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Commander of the Mining Marshals, Assistant Commandant of Corps John Onoja, confirmed that “his team has established 24-hour surveillance over both affected sites, pending the outcome of the Federal Government’s ongoing inquiry.”

Alake, cautioning residents to steer clear of the areas, reiterated the Federal Government’s resolve to eradicate illegal mining activities nationwide.

He also disclosed that the ministry was fast-tracking the deployment of satellite surveillance technology to monitor mining operations and strengthen enforcement capacity.

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