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‘FG Spent 91% Of Revenue On Debt Servicing In Six Months’
The Federal Government spent N2.02trillion on debt servicing in the first six months of this year.
This figure represents 90.5 per cent of the total revenue of N2.23trillion generated by the Federal Government within the period.
This was disclosed by the Technical Adviser to the Director General of the Budget Office, Alfred Okon while presenting the “Overview of FGN 2022 Budget Call Circular” report.
Okon made the presentation, yesterday at a training on “Government Integrated Financial Management Information System Budget Preparation Subsystem For Ministries, Department and Agencies.”
The report stated that as of June 2021, the Federal Government’s retained revenue was N2.23trillion, which is 67.3 per cent of prorata target of N3.3trillion for the review period.
The total revenue comprises oil revenue of N492.44billion, non-oil tax revenue of N778.18billion, Company income tax of N397.02billion, Value Added Tax of N129billion and Customs collections of N234.02billion.
Other revenues amounted to N922.09billion, of which Independent revenues was N558.13billion.
Okon noted that the N2.02trillion used to service debt in the first half of this year represented 35 per cent of total expenditure of N5.81trillion.
According to the report, “On the expenditure side, N5.81trillion (representing 92.4% of the prorated budget) has been spent. This excludes GOEs’ and project-tied debt expenditures.
“N2.02trillion was for debt service (35% of FGN expenditures); and N1.795trillion for Personnel cost, including Pensions (30.9% of FGN revenues).”
It stated that as of August, N1.3trillion had been released for capital expenditure, representing 22.3 per cent of total expenditure.
In his remarks, the DG, Budget Office, Ben Akabueze, reiterated the government’s commitment to ensuring the timely submission and approval of the 2022 budget.
To achieve this, he said the government has already deployed a series of activities, including engagements and stakeholder consultations.
The DG said, “The current Federal Ggovernment is determined to ensure consistent and timely preparation, submission and approval of annual budgets as part of its Public Financial Management (PFM) reforms, just as we have done for the 2020 and 2021 budgets.
“To achieve this, we have already commenced a series of activities related to the process of preparing the 2022 Budget.
“These include a series of engagements and stakeholder consultations with key revenue generating agencies, civil society organisations (CSOs), the National Executive Council (NEC), the National Assembly as well as the Federal Executive Council (FEC).
“Another key activity on the 2022 Budget Calendar is the training of MDAs’ personnel who will be involved in budget preparation.
“The main goal of this training is to provide continuous learning to equip budget personnel with the requisite knowledge, skills and the tools they require to prepare and submit the 2022 Budget in a timely manner.
“The budget is also intended to be in tandem with extant FGN policies and guidelines as articulated in the 2022 FGN Budget Call Circular and other relevant laws/policies.”
The State Coordinator of the forum, Archbishop Lucky Aroh, made this known during a breakfast and thanksgiving meeting held in Port Harcourt, where leaders gathered to pray for the stability of the party and the safety of its candidates ahead of the 2027 general elections.According to him, the meeting was convened to seek divine intervention for peace, unity, and security among APC candidates across Rivers State.
“Today we are praying for APC stability in Rivers State and the security of our candidates that have been elected to contest the 2027 elections. It is a breakfast meeting,” Aroh said.
He further expressed optimism that the party’s candidates would not disappoint the people if entrusted with leadership responsibilities.
“They will not fail when elected into office. We are here as fathers of the land to let them know, and I must tell you the truth that these are the authentic people that will do well in Rivers State,” he added.
Speaking earlier, the National Chairman of the forum, Professor Olanrewaju Abraham, commended the Rivers State chapter for organizing the programme, noting that the national body of the forum believes strongly in the power of prayer.
He stated that political leadership provides an opportunity to influence society positively, including advancing moral and spiritual values, while expressing confidence that APC candidates at all levels would emerge victorious in the upcoming elections.
Also speaking, the Rivers State Women Leader of the APC, Hon. Darling Amadi, praised the forum for its commitment to prayers for peace, stability, and the protection of party candidates.
Represented by the Deputy Women Leader of the party in the state, she described the initiative as commendable and urged other political and support groups within the party to emulate the gesture in promoting unity and stability.
By: John Bibor, Menebe Emmanuel & Fortune Paibi
The colourful celebration took place at the Port Harcourt Golf Club, where friends, associates, and well-wishers converged to pay tribute to the revered elder statesman.
Chairman of the occasion, High Chief (Dr.) Ikenna Okafor, described the celebrant as a detribalised Nigerian whose generosity, humility, and commitment to humanity have earned him admiration across different communities and backgrounds.
According to Dr. Okafor, Pa Osagwe-Ogo’s impact on society and the development of his community remains unparalleled. He noted that members of the golfing community are proud to be associated with a father figure who consistently promotes the welfare and well-being of those around him.
He further stated that the history and growth of the Port Harcourt Golf Club cannot be told without acknowledging the significant role played by the celebrant, whose wisdom, encouragement, and leadership have helped sustain the club over the years.
“We are here to celebrate a man who has impacted humanity positively, a peace-loving individual and an epitome of hope for the younger generation. We pray to emulate his virtues. Today, we celebrate a bridge-builder, a trailblazer, and an iconic leader whose life continues to inspire many,” Dr. Okafor said.
He expressed delight at the large turnout of guests from various walks of life, describing it as a testament to the respect and affection Pa Osagwe-Ogo commands within and beyond Rivers State.
In his response, the celebrant, Pa Anthony Osagwe-Ogo, expressed profound gratitude to God for preserving his life and granting him the privilege of attaining the milestone age of 70.
He also thanked members of the Port Harcourt Golf Club, family members, friends, and associates for identifying with him during the celebration and for their unwavering support over the years.
The event featured the cutting of the birthday cake, presentation of awards to deserving members of the club, goodwill messages, and moments of celebration among guests.
The ceremony was attended by notable personalities from the business community, the golfing fraternity, and other sectors, all of whom joined in celebrating the life and legacy of the respected elder statesman.
The awards, which formed part of activities marking Nigeria’s Democracy Day on June 12, were formally presented on Tuesday at the Ministry of Information and Communications in Port Harcourt.
Presenting the awards was Hon. Abdul Hameed Oladipupo Alli, popularly known as “Mr. Nigeria,” Publisher of Asiwaju Trumpet Magazine and Achievers World International Magazine.
Governor Fubara was recognised for his efforts in sustaining peace, stability, and a conducive political atmospherJohn Bibor / Menebe Emmanuel / Fortune Paibie in Rivers State. The organisers noted that his administration has fostered harmony and strengthened civic participation across the state.
Dr. Sirawoo, on the other hand, was honoured for his exemplary administrative leadership and significant contributions to effective information management within the Ministry of Information and Communications.
Representing Dr. Sirawoo at the presentation ceremony, Dr. Christian Davies received the award on his behalf and expressed gratitude for the recognition. He described the honour as a reflection of Dr. Sirawoo’s unwavering commitment to professionalism, excellence, and dedicated public service.
Dr. Davies assured the organisers that the award would be formally conveyed to the Permanent Secretary.
The event also featured the presentation of commemorative publications highlighting major governance and civic milestones in Rivers State, including Easter celebrations, Workers’ Day activities, the Governor’s third anniversary in office, and Democracy Day programmes.
Organisers of the awards commended the Rivers State administration for what they described as sustained peace, political stability, and improved civic engagement, noting that these achievements have contributed significantly to the state’s continued development.
By: Jessica Sambol