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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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Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria

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Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.

Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.

He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.

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READ ALSO:South Africa To Investigate ‘Mystery’ Of Planeload Of Palestinians

“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.

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When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.

READ ALSO:South African Ambassador Found Dead Outside Paris Hotel

We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.

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DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.

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IGP Orders Officers Display Name Tag On Uniform, Gives Update On State Police

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The Inspector General of Police, IGP, Tunji Disu, has ordered all police personnel to always have their name tags on their uniforms for easy identification.

Disu disclosed that only police personnel who are undercover are exempted from displaying their name tags.

Speaking on Tuesday, Disu said: “All police officers should have their name tags. All of us on the high table have our names apart from the undercover among us so if you look at all the Commissioners of Police we have our name tags, so it’s not our standard.

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All the Commissioners of Police are here and that is why we called this meeting, we have list of things like this that we will want to discuss with the Commissioners of Police, we have told them earlier and we will still let them know that every that happens within their area of jurisdiction falls under their control.”

On the issue of state police, the IGP said: “Since we got the signal that the Federal Government of Nigeria intend to establish State Police and since we are the federal police, we decided to take the bull by the horn and put down our own side of what we believe on how the state police should be run.

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“A lot of things were taken into consideration, a lot of comparative analysis was done and it has been transmitted to the National Assembly.”

 

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Court Orders SERAP To Pay DSS Operatives N100m For Defamation

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The High Court of the Federal Capital Territory has ordered a non-governmental organization, the Socio-Economic Rights and Accountability Project, SERAP, to pay N100 million as damaged to two operatives of the Department of the State Services, DSS, for unjustly defaming them in some publications.

The court also ordered SERAP to tender public apologies to the defamed officers,
Sarah John and Gabriel Ogundele, in two national newspapers, two television stations and its website.

Besides, the organization was also ordered to pay the two operatives N1 million as cost of litigation and 10 percent post-judgment interest annually on the judgment sum until it’s fully liquidated.

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Justice Yusuf Halilu of the High Court of the Federal Capital Territory gave the order on Tuesday while delivering judgment in a N5.5 billion defamation suit instituted against SERAP by the DSS operatives.

The judge found SERAP liable for unjustly defaming the two DSS operatives with allegations that they unlawfully invaded its Abuja office, harassed and intimidated its staff, in September 2024.

READ ALSO:How We Arrested Terror Suspect Who Threatened To Kill Students, Teachers In Abuja — DSS

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In the offending publication on its website and Twitter handle, SERAP alleged that the two operatives unlawfully invaded and occupied its office with sinister motives.

The judge held that the publication was in bad taste especially from an organization established to promote transparency and accountability, as nothing in the publication was found to be truthful.

The DSS staff had listed SERAP as 1st defendant in the suit marked CV/4547/2024. SERAP’s Deputy Director, Kolawole Oluwadare, was listed as the 2nd defendant.

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In the suit, the claimants – Sarah John and Gabriel Ogundele – accused the two defendants of making false claims that they invaded SERAP’s Abuja office on September 9, 2024..

Counsel to the DSS, Oluwagbemileke Samuel Kehinde, had while adopting his final address in the mater urged the judge to grant all the reliefs sought by his client in the interest of justice.

READ ALSO:DSS Arrests Suspected Gunrunner, Recovers 832 Rounds Of Ammunition

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He admitted that although the names of the two claimants were not mentioned in the defamation materials, they had however established substantial circumstances that they are the ones referred to in the published defamation article by SERAP on its website.

The counsel submitted that all ingredients of defamation have been clearly established and the offending publication referred to the two officials of the secret police.

However, SERAP, through its counsel, Victoria Bassey from Tayo Oyetibo, SAN, law firm, asked the court to dismiss the suit on the ground that the two claimants did not establish that they were the ones referred to in the alleged defamation materials.

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She said that SERAP used “DSS officials” in the alleged offending publication, adding that the two claimants must establish that they are the ones referred to before their case can succeed.

Similar arguments were canvassed by Oluwatosin Adefioye who stood for the second defendant, adding that there was no dispute in the September 9, 2024 operation of DSS in SERAP’s office.

READ ALSO:Alleged Cyberstalking: DSS Plays Video Evidence In Sowore’s Trial

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He said that since SERAP in the publication did not name any particular person, the claimants must plead special circumstances that they were the ones referred to as the DSS officials.

Besides, he said that there is no organization by name Department of State Services in law, hence, DSS cannot claim being defamed adding that the only entity known to law is National Security Agency.

The claimants had in the suit stated that the alleged false claim by SERAP has negatively impacted on their reputation.

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The DSS also stated, in the statement of claim, that, in line with the agency’s practice of engaging with officials of non-governmental organisations operating in the FCT to establish a relationship with their new leadership, it directed the two officials – John and Ogunleye – to visit SERAP’s office and invite them for a familiarization meeting.

The claimants added that in carrying out the directive, John and Ogunleye paid a friendly visit to SERAP’s office at 18 Bamako Street, Wuse Zone 1, Abuja on September 9 and met with one Ruth, who upon being informed about the purpose of the visit, claimed that none of SERAP’s management staff was in the country and advised that a formal letter of invitation be written by the DSS.

READ ALSO:DSS, Police Partner NCCSALW To End Terrorism, Mop Up Illegal Arms

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John and Ogundele, who claimed that their interactions with Ruth were recorded, said before they immediately exited SERAP’s office, Ruth promised to inform her organisation’s management about the visit and volunteered a phone number – 08160537202.

They said it was surprising that, shortly after their visit, SERAP posted on its X (Twitter) handle – @SERAPNigeria – that officers of the DSS are presently unlawfully occupying its office.

The claimant added, “On the same day, the defendants also published a statement on SERAP’s website, which was widely reported by several media outfits, falsely alleging that some officers from the DSS, described as “a tall, large, dark-skinned woman” and “a slim, dark skinned man,” invaded their Abuja office and interrogated the staff of the first defendant (SERAP).

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John and Ogundele stated that “due to the false statements published by the defendants, the DSS has been ridiculed and criticised by international agencies such as the Amnesty International and prominent members of the Nigerian society, such as Femi Falana (SAN)”.

“Due to the false statements published by the defendants, members of the public and the international community formed the opinion that the Federal Government is using the DSS to harass the defendants.”

READ ALSO:SERAP To Court: Stop CBN From ‘Implementing ‘Unlawful, Unjust ATM Fee Hike’

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They added that the defendants’ statements caused harm to their reputation because the staff and management of the DSS have formed the opinion that the claimants did not follow orders and carried out an unsanctioned operation and are therefore, incompetent and unprofessional.

The claimants therefore prayed the court for the following reliefs: “An order directing the defendants to tender an apology to the claimants via the first defendant’s (SERAP’s) website, X (twitter) handle, two national daily newspapers (Punch and Vanguard) and two national news television stations (Arise Television and Channels Television) for falsely accusing the claimants of unlawfully invading the first defendant’s office and interrogating the first defendant’s staff.

“An order directing the defendants to pay the claimants the sum of N5 billion as damages for the libellous statements published about the claimants.

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“Interest on the sum of N5b at the rate of 10 percent per annum from the date of judgment until the judgment sum is realised or liquidated.

“An order directing the defendants to pay the claimants the sum of N50 million as costs of this action.”

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