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States To Lose N19bn In Oil, Gas Revenues In 2022 – World Bank

Published

4 years ago

June 22, 2022

Editor

The World Bank has said that Nigerian states will likely lose N18.8bn in oil and gas revenues in 2022, as worsening revenue collection at the federation level increases budgetary pressures for the states.

The Washington-based bank said this in its Nigeria Development Update report, titled, ‘The Continuing Urgency of Business Unusual’.

According to the lending bank, the declining revenue from the federation level had put many states in a precarious fiscal position.

The bank warned that many states would be unable to meet up with their expenditures, adding that there was an increase in debt servicing expenditures of States.

The report read in part, “With net oil and gas revenues stagnating, most states will not be able to achieve their intended levels of expenditures in 2022.

“In addition, debt servicing expenditures at the state level are also mounting due to a decline in gross statutory account revenue transfers from the federation account allocation committee, which comprises oil and non-value added tax, non-oil revenues.”

The bank further said that the expected higher VAT collection or improvements in independently generated revenues would not compensate for the lower transfers from the Federation Accounts Allocation Committee in 2022.

The financial institution also warned that there would be a 2.7 per cent decline in FAAC transfers in 2022 when compared to 2021, adding that this decline would push states to borrow more and slash discretionary expenditure.

“Stagnating net oil revenues will significantly affect the fiscal situation at the state level. State governments are projected to collectively receive 2.7 per cent fewer revenues than in 2021, as federal transfers are estimated to decline by 10 per cent against 2020 levels.

“Lower transfers will cause state governments to incur debt or drastically slash discretionary expenditure. Although states receive the majority of VAT revenues, VAT increases would not make up for the loss of net oil revenues.

“As a result, in 2022, the average state in Nigeria will lose N18.8bn in oil and gas revenues, while optimistic projections place average gains from VAT and the electronic money transfer Levy at N7.1bn per state, and average increases in each state’s independent revenues at N6.7bn. As a result, the average state can expect to lose N5bn in revenue in 2022,” the report stated.

The PUNCH reported that the Nigerian National Petroleum Company Limited might deduct over N1tn in the next six months from the Federation Accounts Allocation Committee, following the decision of the Federal Government to continue subsidising Premium Motor Spirit, popularly called petrol.

Figures obtained from the oil firm on its subsidy deductions in 2021 indicated that the amount deducted monthly from FAAC by the NNPC was higher during the periods of higher crude oil prices.

This was also confirmed by economists, who explained that the higher the international price of crude oil, the higher the amount to be deducted by the NNPC from FAAC.

“Of course, the NNPC will spend more on subsidies this year because crude oil price has been increasing and the higher the price of crude, the higher the amount to be spent on subsidy,” the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, said.

He added, “In fact, about N2.5tn might be spent on subsidy this year, meaning that about half of that amount could be spent in six months and this means hard times for states because the funds will be deducted from FAAC as usual.

“Some states would struggle to pay salaries, especially states that are heavily dependent on federal allocation. Some may have to lay off some of their work force. Many will struggle to meet their financial obligations as sub-nationals.”

A political economist and former presidential candidate, Prof Pat Utomi, urged states to create an environment for wealth creation rather than depend solely on the federal allocation.

He said, “States must focus more on creating the environment for wealth creation. If you go back to the late 50s and early 60s, most of the developments that took place in Nigeria are from the subnational governments. They collected the revenues, and send 50 per cent of it to the centre but the military ruined all of that.

PUNCH

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Trump Warns Of More Strikes In Nigeria If Attacks On Christians Continue

Published

57 minutes ago

January 9, 2026

Editor

US President Donald Trump has warned that he could authorise additional military strikes in Nigeria if attacks against Christians continue, citing the security situation in the West African nation as a key concern.

In an interview with the New York Times on Thursday, Trump was asked whether the Christmas Day strikes in Sokoto State, which targeted Islamist militants, were intended as part of a broader campaign. “I’d love to make it a one-time strike. But if they continue to kill Christians, it will be a many-time strike,” he said.

Trump’s comments follow his 2025 designation of Nigeria as a “country of particular concern” due to what he described as an “existential threat” to its Christian population. The remarks have drawn criticism from Nigerian officials, who insist that jihadist groups target people regardless of religion. “Muslims, Christians and those of no faith alike” are affected, a government spokesperson said, rejecting claims that Christians are being singled out.

When pressed about reports that most victims of jihadist groups in Nigeria are Muslims, Trump responded, “I think that Muslims are being killed also in Nigeria. But it’s mostly Christians.” Nigeria, with a population exceeding 230 million, is roughly evenly divided between Christians in the south and Muslims in the north.

The December strikes targeted camps run by a jihadist group known as Lakurawa in Sokoto, a largely Muslim region near the border with Niger. Both the US and Nigerian authorities have linked the militants to Islamic State-affiliated groups in the Sahel, although the IS has not formally claimed any association with Lakurawa. Details of casualties from the strikes remain unclear, as neither government has provided official figures.

Nigeria’s Foreign Minister Yusuf Maitama Tuggar said the operation was a “joint effort” and emphasised that it was not motivated by religion. He confirmed that the strikes had the approval of President Bola Tinubu and included
participation by Nigerian armed forces. Addressing the timing of the strikes, Tuggar added that they were unrelated to Christmas, though Trump described them as a “Christmas present”.

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Science Discovers Why Hungry, Broke Men Prefer Bigger Breasts

Published

1 hour ago

January 9, 2026

Editor

A scientific study has found that men who feel financially insecure or hungry are more likely to find larger female breasts attractive.

The research was published in the peer-reviewed journal PLOS ONE and was conducted by psychologists Viren Swami and Martin J. Tovée.

The study examined whether breast size acts as a signal of fat reserves and access to resources, and whether men facing resource insecurity rate larger breast sizes as more attractive than men who feel economically secure.

Researchers carried out two separate studies across Malaysia and the United Kingdom.

In the first study, 266 men from three areas in Malaysia were assessed. The locations represented low, medium and high socioeconomic backgrounds. Participants were shown rotating computer-generated images of women with different breast sizes and asked to rate which they found most attractive.

The findings showed a clear socioeconomic pattern.

Men from low-income rural areas preferred larger breasts.

Men from middle-income towns preferred medium to large breasts.

Men from high-income urban areas preferred smaller to medium breasts.

PLOS ONE study showing how hunger and financial insecurity affect men’s breast size preferences
Cover page of a PLOS ONE study examining how resource insecurity influences men’s breast size preferences. Source: PLOS ONE

As stated in the study, “Men from relatively low socioeconomic sites rated larger breast sizes as more physically attractive than did participants in moderate socioeconomic sites, who in turn rated larger breast sizes as more attractive than individuals in a high socioeconomic site.”

The researchers noted that the lower a man’s financial security, the stronger his preference for larger breast size.

The second study focused on hunger rather than income.

In Britain, 124 male university students were divided into two groups. Sixty-six participants were classified as hungry, while 58 had recently eaten. Both groups viewed the same breast size images under identical conditions.

Hungry men consistently rated larger breasts as more attractive than men who were full.

According to the researchers, “Hungry men rated a significantly larger breast size as more physically attractive than did the satiated group. Taken together, these studies provide evidence that resource security impacts upon men’s attractiveness ratings based on women’s breast size.”

The researchers explained that these shifts suggest attraction is not fixed but responsive to immediate conditions.

They noted that men experiencing hunger or financial pressure may place greater value on physical traits that signal access to resources or stability.

The study added that temporary states such as hunger can shape attraction in the same way long-term economic conditions do, reinforcing the idea that social and environmental factors play a key role in how physical attractiveness is judged.

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Man With Lengthy Criminal Record Shoots Nigerian To Death Inside Bus In Canada

Published

1 hour ago

January 9, 2026

Editor

A 40-year-old man with an extensive criminal history has been charged with first-degree murder after a Nigerian national was shot dead on a GO bus at the Yorkdale GO Bus Terminal in Toronto, marking the city’s first homicide of 2026.

Toronto Police, in a statement on their website, said officers were called to the terminal, near Yorkdale Road and Allen Road, at about 7 p.m. on Sunday, January 4, following reports of a shooting. Investigators allege that both the suspect and the victim boarded a GO bus at the terminal, where the suspect shot the victim before fleeing the scene on foot.

According to the statement, officers arrived to find a man suffering from a gunshot wound, but despite carrying out life-saving measures, the Nigerian was pronounced dead at the scene.

The victim was later identified as Osemwengie Irorere, a 46-year-old man from Nigeria, the Toronto police said in a later statement.

Local media reports noted that an eyewitness who was seated just behind the victim said the bus had been dark and crowded as passengers waited to depart when a single gunshot rang out.

“I assumed it was a popped tyre or something, but immediately after, a guy sitting in front of me got up, shoved his hands in his pocket and ran off the bus,” the witness said, requesting anonymity for safety reasons.

“Right after, I stood up and I looked at the seat in front of me and I saw a guy, bleeding,” he added, saying he could smell smoke in the air after the shot was fired.

Police said the suspect was located and arrested a short time later near the Yorkdale subway station, and a firearm was recovered.

The accused has been identified as Tyrel Gibson, 40, of Toronto. He appeared at the Toronto Regional Bail Centre on Monday, January 5.

Court documents show that Gibson has a lengthy criminal record dating back to 2000, with nearly two dozen charges. He has previously been convicted of offences including attempted murder and firearm-related crimes. In 2015, he pleaded guilty to aggravated assault, using a firearm, possession of a firearm with ammunition and possession of an unauthorised firearm and was handed a lifetime weapons prohibition. He was sentenced to eight years in prison in 2017, although it remains unclear how much of that term he served.