Business

Presidency: Why Buhari Signed 2022 Budget Despite Insertion Of 6,576 New Schemes

Published

4 years ago

January 3, 2022

The Presidency Sunday night said that President Muhammadu Buhari signed the 2022 Appropriation Bill into law despite the insertion of 6,576 new schemes worth N37 billion because he did not want to “throw away the baby with the bathwater.”

According to a statement by Garba Shehu, Senior Special Assistant to the President (Media & Publicity) which gave the president’s rationale for the action, even though Buhari had a disagreement with the National Assembly over the changes made in the budget, he was not in conflict with the legislators.

The statement accused unnamed critics of deliberately trying to create a fiasco between the president and the legislature.

Explaining the need for the president to give his assent to the budget because of the other provisions contained in it, the statement said: “Given Mr President’s commitment to improving the lot of the Common Man, it was felt that it would not be wise to throw away the baby with the bathwater. “

The statement further explained Buhari’s rationale for assenting to the bill: “Mr President was clear and candid in expressing his reservations with the numerous changes to the 2022 Budget made by the National Assembly, which would hamper its implementation.

“However, to respond to critics that question why assent to the Budget if it was so severely tampered with, we wish to respond as follows:

“Need to Save Value-Additive Projects, Programs & Policies:

“Although over 10,733 projects were reduced and 6,576 new projects were introduced into the budget by the National Assembly, there are tens of thousands more provisions in the 2022 Budget, all of which, when efficiently and effectively implemented, will have a significant developmental impact on the lives and livelihoods of ordinary Nigerians.”

“Ongoing Capital Projects, Critical Recurrent Votes, Priority New Projects – all feature in the 2022 Budget and Mr President’s forbearance in assenting to the Budget will save these provisions from implementation delays and other challenges.

“Dealing with Modern Democratic Norms:

“President Buhari is a democrat who deeply believes in the supremacy of the Constitution, with its checks and balances across the three arms of Government,” it added.

The Presidency maintained that while it is true that the president expressed disagreement with insertions and the other alterations, including the ‘reduction in the provisions for many strategic capital projects to introduce ‘Empowerment Projects,’ “innumerable lies are being spread about the President being ‘angry’ at, had ‘blasted’ or ‘lashed out’ at the Parliament.

“This cannot be farther from the truth.”

The statement pointed out that as the President of the Senate, Dr Ahmed Lawan said shortly after the budget-signing ceremony, disagreements as the ones listed by the president are normal in the everyday Executive-Parliamentary relationship because, as he explained, “executive and legislative judgements don’t always have to be the same.”

The statement added: “While we note that there are people who are trying to create a fiasco between the two arms of government on account of the budget, we assure that they will, in the end, be disappointed.

“The Executive and the 9th National Assembly have since moved away from the wild, destructive political games of the past, conducting themselves in a way that puts national interest supreme in their decisions.

“We doubt if there is a patriotic citizen who wants to see the return of the operating environment engendered by the 8th Senate when an elected government was held in chains, held hostage to the desperate political ambitions of a clique, and the public denied needed services including that which impinged on national security. Happily, the 9th National Assembly is more about policy than politics.

“Under the constitution, both arms of government are coequal and at the same time, independent and interdependent. The rule of the game is cooperation and the President, as a democrat fully accepts this.”

The Presidency affirmed that it is at the discretion of the National Assembly to override the president’s action where if he had vetoed the bill, a measure, it pointed out had not been exercised under the current dispensation.

The statement further said: “In terms of the passage of legislations like the Appropriation Act and other Money Bills, the National Assembly has equal responsibilities with the Executive.

“Indeed, if Mr President had declined assent to the 2022 Appropriation Bill, the National Assembly has powers to override the President’s veto if they can drum up a 2/3 majority vote. This is the constitution.

“Happily, this situation has not arisen during the tenure of Mr President’s Administration, and the Executive’s relationship with the Leadership of the 9th National Assembly is much improved over what happened with the 8th National Assembly.

“It is on account of his confidence in the strength of this excellent working relationship that Mr President has directed that an Amendment Budget Proposal should be prepared and submitted to the National Assembly, once they return from their recess.

“It is hoped that the National Assembly will carefully consider and approve the 2022 Amendment Budget Proposals, once presented to them in due course, for the benefit of all Nigerians.

“It is important therefore that, in place of “anger” or confrontation, President Buhari showed the democracy-loving side of his personality as he signed the budget at the same time calling for dialogue with the parliament to resolve the contentious issues.

“The Presidency under Muhammadu Buhari and the parliament under Lawal and Gbajabiamila are committed to a good neighbourly relationship and this or any other disagreement between the two arms of government will not alter the dynamics of that relationship.”

(TRIBUNE)

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

1 day ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

3 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

3 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.