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FG Cuts 2022 Capital Expenditure By N758bn …To Spend N900bn On Subsidy
Despite the country’s huge infrastructure deficit, the Federal Government plans to spend N3.6trillion on capital expenditure in 2022, which is N758billion less than the amount allocated for capital projects in the 2021 budget.
The Minister of Finance Budget and National Planning, Zainab Ahmed, spoke on the details of the spending at a public consultation of the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024 held in Abuja, yesterday.
According to the minister, in 2022, the Federal Government plans to spend N13.98trillion which represents an increase of the N13.58trillionn approved in the 2021 budget.
A breakdown of the expenditure as contained in the MTEF/FSP for 2022-2024 showed that the government slashed the proposal for capital expenditure from the N4.37trillion approved in 2021 to N3.61trillion in 2022.
However, the amount allocated for debt servicing in 2022 is expected to increase to N3.6trillion, as against N3.12trillion in 2021, and non-debt recurrent expenditure is projected at N6.2trillion in 2022 as against N5.64trillion in 2021.
On revenue projection, the Federal Government plans to generate the sum of N8.35trillion in 2022 as against the N7.98trillion for 2021.
The revenue for 2022 is expected to be generated thus; oil revenue N3.15trillion, NLNG Dividend N184.03billion, mining N2.91billion, non oil taxes N2.13trillion while independent revenue from government agencies is expected to contribute the sum of N1.08trillion.
Zainab noted that the 2022 budget would be prepared based on an oil production volume of 1.88 million barrels per day with a benchmark oil price of $57 per barrel at an exchange rate of N410.15 to a dollar.
Meanwhile, the Director-General of the Budget Office of the Federation, Ben Akabueze, said that the budget for the 2022 fiscal year is expected to handover to the National Assembly by September this year.
He added that the timely presentation of the budget illustrates the Federal Government’s commitment to having a budget that works for the people.
Similarly, the Federal Government projected to spend N900billion on subsidy payout to oil marketers in 2022.
The Minister of Finance Budget and National Planning, Zainab Ahmed, made this disclosure, yesterday, at presentation of the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024 in Abuja.
She also disclosed the Federal Government will spend N13.98trillion in the 2022 fiscal year.
In 2022, the government said it will slash capital expenditure to N3.61trillion in 2022, from the N4.37trillion approved for 2021.
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We’re Vigilant, Steadfast In Preserving Peace, Stability Of Rivers – Fubara …Lays Wreath To Mark 2025 Armed Forces Remembrance Day
Rivers State Governor, Sir Siminalayi Fubara, has pointed to the robust government-security agencies’ collaboration that has greatly helped in achieving the reassuring peace and stability enjoyed in the State.
The Governor also described such feat to divine help, insisting that without the grace of God, every human effort and strategies would have come to naught.
Governor Fubara spoke at the venue of events climaxing the 2025 Armed Forces Remembrance Day Celebration at Government House in Port Harcourt on Wednesday.
Earlier at the parade ground in Isaac Adaka Boro Park, Governor Fubara inspected the guard of honour mounted by officers of the Armed Forces and security agencies.
He also laid the wreath alongside his Deputy, Speaker of the Rivers State House of Assembly, State’s Chief Judge and Service Commanders, chairman of the State Traditional Rulers Council, acting chairman of the State chapter of Nigerian Legion and a representative of widows of the fallen heroes. Governor Fubara also released the pigeons to signify peace.
Governor Fubara emphasised the role every Nigerian must play in achieving enduring peace and security as they continue to support the Armed Forces and security agencies in overcoming security challenges that confront the country.
He said: “Rivers State has enjoyed significant peace and stability under this administration, a testament to the collaboration between the government and security agencies, as well as the grace of God.
“We remain vigilant and steadfast in preserving this peace and will continue to provide the necessary support to security formations in the State to ensure they can effectively discharge their duties.
“I call on every citizen to rally around our Armed Forces and work together to strengthen our national unity. We must ensure that every section of our country feels included and valued, fostering a stronger and more cohesive Nigeria.”
Governor Fubara commended President Bola Ahmed Tinubu for his efforts in modernizing and prioritizing the welfare of the Nigerian Armed Forces.
The Governor offered the assurance of his administration to remain loyal, supportive while collaborating with the Federal Government in achieving better and improved welfare for men and officers of the nation’s security agencies.
Governor Fubara noted that while Nigeria has endured the trials of civil war, it has continued to tackle the internal threats from terrorism and armed insurgency, saying, “Through it all, our Armed Forces have stood resolute defending us, keeping peace, upholding our nation’s integrity, and ensuring the survival of our beloved country.
“Even as we speak, our servicemen and women remain on the frontlines, courageously combating insurgencies and other threats to our security. Today, we gather to reflect on and celebrate the bravery of our veterans, whose dedication has safeguarded our nation’s territorial integrity and preserved its sovereignty.”
Governor Fubara said that without the heroism of these gallant servicemen and women, Nigeria would not be what it is today, either would the people enjoy the prevailing freedoms and peace that are often taken for granted.
The Governor recommitted his administration to supporting the legionnaires and families of the fallen heroes, and pledged the sum of N50million to the widows to enable them scale up their economic activities, pay rents and solve other problems of their families.
In his speech, the Acting Chairman of Nigeria Legion, Rivers State Chapter, ACC Kuu Aminkipo Promise, expressed appreciation to Governor Fubara for his immeasurable financial support to members of the legion, which has sustained their livelihoods and kept their wards in school.
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Tinubu congratulates Nigerian scientists, engineers on making Biden’s honour list
President Bola Tinubu has congratulated six Nigerians named by President Joe Biden among the 400 recipients of the Presidential Early Career Award for Scientists and Engineers (PECASE) in the United States.
This recognition, established by former President Bill Clinton in 1996, is the highest honour bestowed by the United States government on outstanding scientists and engineers in the early stages of their careers.
This year’s awardees, announced by Biden on Jan. 14, are employed or funded by 14 participating United States government agencies, Mr Bayo Onanuga, the President’s Spokesman, said in a statement in Abuja, yesterday.
The Nigerian honourees include Azeez Butali, Gilbert Lilly Endowed Professor of Diagnostic Sciences, College of Dentistry, University of Iowa; and Ijeoma Opara, Associate Professor of Public Health (Social and Behavioral Sciences), Yale School of Public Health, Yale University.
Others are: Oluwatomi Akindele, Postdoctoral researcher at Lawrence Livermore National Laboratory; and Eno Ebong, Associate Professor of Chemical Engineering, Bioengineering, and Biology at Northeastern University;
The rest are: Oluwasanmi Koyejo, Assistant Professor of Computer Science at Stanford University; and Abidemi Ajiboye, Executive Vice Chair of the Case School of Engineering, Department of Biomedical Engineering, Case Western Reserve University.
Tinubu commended the awardees for their achievements in science, technology and engineering.
He noted that recognising the talents of the awardees underscored Nigerians’ vast potential to excel both at home and on the global stage.
Tinubu looked forward to the honourees sharing their multidisciplinary expertise to benefit Nigeria’s development efforts under the Renewed Hope Agenda.
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UAE president to visit Nigeria in 2025
Sheikh Mohamed bin Zayed Al Nahyan, the President of the United Arab Emirates (UAE) has accepted President Bola Tinubu’s invitation to visit Nigeria this year.
Tinibu invited him on Wednesday during their bilateral talks on the sidelines of the Abu Dhabi Sustainability Week 2025, Mr Bayo Onanuga, the President’s spokesman, said in a statement.
President Tinubu arrived in Abu Dhabi on Sunday as a guest of the UAE President to participate in the Sustainability Week.
He delivered Nigeria’s position on climate and other challenges earlier on Wednesday and congratulated the UAE leader for the successful event.
During the discussions, the Sheikh thanked Tinubu for accepting his invitation and expressed the UAE’s determination to strengthen economic cooperation between Nigeria and his country.
The two leaders also explored attracting investment into Nigeria.
President Tinubu said his government’s economic reforms were yielding fruits and called on the UAE to partner with Nigeria to develop the economy.
He said the reforms had stabilised and grown the economy, encouraging foreign investors, including international oil companies, to announce billion-dollar investments, signalling renewed confidence in doing business with Africa’s most populous nation.
President Tinubu thanked Al Nahyan for the warm reception he and his aides received since their arrival over the weekend.
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