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Senate Set To Pass 2022-2024 MTEF/FSP, ‘Morrow
President Muhammadu Buhari has written to the Senate, seeking the consideration and subsequent approval of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) as required by the Fiscal Responsibility Act.
The President of the Senate, Dr Ahmad Lawan read the letter from President, yesterday during plenary.
The Senate has, however, stepped down the rules to enable the President of the Senate to refer the communication to the appropriate committee.
Thereafter, Lawan referred the communication to the Joint Committees on Finance, National Planning, Banking, Insurance, and other Financial institutions; Petroleum on Downstream, Upstream, Gas Resources and Foreign and Local Debts.
Accordingly, the President the Senate of the Senate then asked the committee to work on yesterday, today, and to be considered and passed on Thursday.
It would be recalled that the Federal Executive Council (FEC), penultimate Wednesday, approved the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) as required by the Fiscal Responsibility Act, projecting revenue generation of N6.54trillion and N2.62trillion to accrue to the Federation Account and VAT, respectively.
The council also authorised the funding of a N5.26trillion budget deficit through borrowings.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who briefed State House Correspondents at the end of the meeting, had said that said she presented a memo on behalf of the ministry to FEC with a 2022 projected revenue of N6.54trillion and N2.62trillion to accrue to the Federation Account and VAT, respectively.
The minister, who noted that this revenue was projected to increase in 2023 to N9.15trillion, explained that the MTF FSP describes the Federal Government’s socio-economic and developmental objectives and priorities for the reporting period of 2022 to 2024 as well as the fiscal strategies to be put in place, and policies to achieve in the priorities.
The minister further explained that the report to the council highlighted the key drivers of the government’s revenue and the spending plans.
“The goal for us is to improve the nation’s macroeconomic situation or reposition the economy on the path of inclusive diversified as well as sustainable. The MTF FSP consists of medium-term macroeconomic projections, fiscal targets, and estimates of revenue and expenditure including the government’s financial obligations. We have also presented to the federal government the projected revenues for 2022 to 2024; specifically for 2022.
“The revenue that we expect is N6.54trillion and N2.62trillion to accrue to the Federation account on VAT, respectively. And then there will be net oil and gas revenue available for the Federation account FAAC for distribution will be N6.151trillion in 2022.
“This revenue is projected to increase in 2023 to N9.15trillion. The total expenditure that we are expecting we have projected and approved by Council is an aggregate expenditure of N13.98trillion. This includes N1.1trillion of government-owned enterprises expenditure as well as grants and donor funds donor-funded projects in the sum of N62.24billion.
“This means that this budget is just 3% higher than the 2021 budget in terms of the size of expenditure. We also reported to the council the budget deficit and the financing items for the expenditure. The budget deficit that is projected for 2022 is N5.62trillion, up from N5.60trillion in 2021. This amount represents 3.05% of the estimated GDP, which is slightly above the 3% threshold that is specified in the fiscal responsibility, Act.”
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Red Cross Unveils New Generation Of Humanitarians In PH
The Nigerian Red Cross Society (NRCS), Rivers State Branch, has expanded its humanitarian footprint in Rivers State with the formal inauguration of student volunteers at Command Children School (CCS), Bori Camp, Port Harcourt, marking a significant step in promoting humanitarian values among young Nigerians.
The ceremony, which took place at the school premises, officially admitted CCS students into the Nigerian Red Cross Society.
The Rivers State Branch Representative of the Red Cross Society, Mr Noah Idegbesor, disclosed this in his opening remarks at the occasion.
In a symbolic display, the students marched to the flag stand alongside members of the high table and the Branch Representative, where the Red Cross flag was hoisted, signifying the school’s full induction into the Nigerian Red Cross Society.
With the flag raised, CCS was formally declared a member institution of the NRCS.
As part of the inauguration, a certificate of affiliation was presented to the school by the Nigerian Red Cross Society and received on behalf of the school by the Head Teacher, Mrs Onwuzuruigbo Taiwo.
Speaking as Chairman of the occasion, the Acting Director, Nigerian Army 6 Division Education Services, Port Harcourt, Lt. Col. A. Sadiq, described the event as very unique and significant.
Represented by Staff Sergeant Arisa Eberechi, the Director assured of the support of his team in ensuring success of the endeavour.
Also speaking, the Chairman of the Parents Teachers Association (PTA) of the school, Mr Zuru Daniel, said the establishment of the Red Cross unit in the school was a welcome development and assured of the support of the body to ensure its sustainability.
The event also featured a parade by the volunteers, freewill donations from dignitaries and parents in attendance, underscoring community support for the humanitarian initiative.
Speaking earlier, the Head Teacher, Mrs Onwuzuruigbo Taiwo, described the inauguration as an emotional and fulfilling moment.
“It was awesome. We thought it would not be possible, but today it was glorious,” she said.
Taiwo explained that the school’s participation in the Red Cross Society began when management decided to introduce clubs and societies.
“I told my assistant that I wanted the Red Cross to be one of them. The Red Cross signifies many things; it is service to humanity,” she added.
Also, the Assistant Head Teacher, Mrs Bawo Agbana, expressed appreciation to dignitaries, officials of the Nigerian Red Cross Society and parents for their support and presence.
The Assistant Head Teacher (Administration) described the programme as overwhelming and exciting, expressing gratitude to God for its success.
She said the school’s decision to embrace the Red Cross Society was driven by the need to instill values of love, kindness and service in children from an early age.
“Our impression of the Red Cross is being good to people, showing love and kindness. As the children grow, we want to build the spirit of humanity in them so they can show love and care in school, their communities and Nigeria at large,” she said, adding that early training was crucial given current challenges in the country.
She also delivered the closing remark, after which a photo session was held with the newly inaugurated student volunteers.
Other dignitaries at the occasion include Chairman, Python Officers’ Mess, 6 Division, Port Harcourt, Chief Dan Harrison, and the Sualla 1 of Adagbabiri Kingdom, Chief Col. K. Agbana (Rtd.),
Speaking in an interview at the event, 10-year-old primary five pupil, Precious Ote, said she volunteered to join the Red Cross Society because of her desire to help and care for people.
Similarly, 11-year-old Eno Marvellous of Primary Four expressed excitement at becoming a member of the Red Cross Society, noting that her hope is “to save” lives.
The inauguration highlights ongoing efforts by the Nigerian Red Cross Society to nurture a culture of volunteerism, compassion and humanitarian service among schoolchildren in Port Harcourt and beyond.
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IPOB Orders Total Cancellation Of Sit-At-Home In S’East
The proscribed Indigenous People of Biafra (IPOB) has ordered the total cancellation of the Monday sit-at-home across the South-East, with effect from today.
This was disclosed by the IPOB spokesperson, Emma Powerful, in a press statement issued yesterday.
He said that the directive came directly from the leader of the group, Nnamdi Kanu.
Recall that the pro-Biafran group declared the sit-at-home in August 2021 as a way of protesting the rendition of Kanu to Nigeria and his subsequent incarceration. During the exercise, markets, schools, banks and offices remained shut.
Powerful said that with the current directive, there is no need, excuse or justification for anyone to stay at home on Mondays, adding that markets, schools, offices, transport services and economic activities must resume fully and normally from Monday.
The statement read in part, “The IPOB, under the supreme leadership of Nnamdi Kanu, hereby announces to the entire world that the Monday sit-at-home across the South-East is officially and permanently cancelled with effect from tomorrow, Monday, February 9, 2026.
“This directive comes directly from Onyendu Mazi Nnamdi Kanu himself, who has once again staked everything on the line to ensure that our children return to school every Monday and that our people go about their lawful businesses without fear, intimidation or molestation.
“Any person in doubt should visit Sokoto Correctional Centre to confirm with him. We can no longer hide under ‘Onyendu cannot be reached to confirm’ to persist with our recalcitrance or docility. Monday sit-at-home is over. That era is gone!
“There is now no need, excuse or justification for anyone to stay at home on Mondays. All markets, schools, offices, transport services and economic activities must resume fully and normally from tomorrow. This is the clear and unequivocal order of the Supreme Leader of IPOB.”
Kanu, the statement said, “has made it abundantly clear that any individual or group attempting to enforce sit-at-home from this moment forward is acting against his direct command. Such persons are enemies of our people and the Biafran cause. They will be pursued to the ends of the earth and confronted until they are completely defeated.”
The group noted that some people are attempting to create fear, stage attacks or intimidate people into staying indoors under false flags.
“Let it be known that any person or group identified as enforcing or enabling sit-at-home will be confronted wherever they are. Our people must remain vigilant, calm and law-abiding.
“At the same time, IPOB wishes to make it clear that no state governor has the right to threaten, demolish or forcibly shut down the businesses of traders who, out of conscience, choose to sit at home in solidarity with our leader.
“Any attempt by Governor Soludo or any other governor to intimidate our people with demolition threats or forced market closures will be firmly resisted,” the statement added.
According to the group, any renovation, reconstruction or improvement of markets that involves temporary relocation must be carried out only with the consent of all stakeholders, adding that adequate temporary trading sites must be provided before any such projects commence.
“Our enemies have in the past succeeded in instigating crises and planting seeds of discord among our people. We must not allow them to succeed again. We are one people, united by a common destiny. Our struggle is for freedom, dignity and justice for all, not just for Biafrans.
“We therefore call on all our people across the South-East to come out tomorrow, open their shops, go to work and send their children to school without fear.
“The era of Monday sit-at-home is over,” the statement concluded.
News
Agency Seals 11 Fuel Stations In PH Over Fraudulent Transactions
No fewer than 11 petroleum filling stations have been sealed in Port Harcourt by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for various regulatory infractions.
The filling stations were shut down during the Authority’s ongoing surveillance initiative tagged ‘Operation One Litre for One Litre,’ in Port Harcourt.
The enforcement followed allegations of under-dispensing, faulty pumps and other practices considered detrimental to consumers.
Regional Coordinator of NMDPRA, South-South, Engr. Victor Owhodiasa, made this known during the monitoring exercise in Port Harcourt, last week.
He said the operation was designed to protect consumers and ensure they receive full value for their money when purchasing petroleum products.
Owhodiasa noted that although fuel prices are now largely market-driven, consumers must not be short-changed at the point of sale.
According to him, the affected stations were found to be dispensing below approved tolerance level or operating with failed pumps and generators.
He explained that claims of faulty equipment during inspection were treated with suspicion, leading to the sealing of such facilities until defects are fully rectified.
Owhodiasa stressed that any outlet dispensing outside the approved bandwidth would remain sealed until full compliance is verified.
He warned that filling stations found to be habitual offenders risk losing their operating licences.
Owhodiasa added that the enforcement team conducted spot checks along major routes in Port Harcourt, including Azikiwe Road, and would continue random inspections across the city.
He called on members of the public to report suspected cases of under-dispensing by filling stations, assuring that the Authority would promptly act on such complaints.
By: King Onunwor
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