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Reps Pass N17.126trn Budget For 2022
The House of Representatives, yesterday, passed the 2022 budget of N17.126trillion against the N16.391trillion presented by President Muhammadu Buhari.
This is as President Muhammadu Buhari, yesterday, wrote the Senate seeking approval for the virement of N276,757,232,395 to fund expenditures in the 2021 budget.
This followed a unanimous adoption of a report laid on the floor of the House during plenary in Abuja by the Chairman, Appropriation Committee, Rep. Murktar Betera.
The N17.1trillion was against the N16.39trillion that was proposed by the Executive.
The House also increased the oil benchmark to $62 as against the $52 that was proposed by the Executive, while the exchange rate was retained at N410.15
The House added that the increase in oil price was to reflect the current market values of the oil barrel in the international market.
The House stated that provision was made for more funds to critical sectors for purpose of execution of their core mandate.
The House also said that the additional revenue increase would be allocated to the agencies that came forward with additional financial report which was not provided for in the budget.
This, according to the House, include: Ministry of Works and Housing, Independent National Electoral Commission (INEC) for the 2023 general election.
Others are Defence, National Population Commission for the 2022 Population Census, Agriculture and Rural Development, National Security Adviser, National Assembly, among others.
The Gross Domestic Product (GDP) growth rate was put at 4.2per cent, while inflation was left at 13per cent.
Also, the Speaker of the House of Representatives, Rep Femi Gbajabiamila said the passage of the 2022 budget was in keeping with the new tradition of operating an annual national budget from January to December.
He lauded the Chairmen of Committees of the House and all the members who worked hard to ensure that the budget was passed in time to maintain the record it had set.
“In the 9th National Assembly, we have, with each budget cycle, sought to improve the appropriations process to ensure more effective and efficient allocation and use of our national resources.
“A recurring challenge is how best to ensure that the ministries, departments and agencies of the Federal Government adhere strictly to the letter of the appropriation law,” he said.
Gbajabiamila added that this had always been a subject of grave concern, especially when it must contend with the reality of limited resources amid significant developmental challenges.
Meanwhile, President Muhammadu Buhari, yesterday, wrote the Senate seeking approval for the virement of N276,757,232,395 to fund expenditures in the 2021 budget.
The request was conveyed in a letter dated December 16 and read at plenary by the Senate President, Dr. Ahmad Lawan.
It comes on the day the Senate passed a bill to amend the 2021 Appropriations Act.
The bill sponsored by the Senate Leader, Yahaya Abdullahi, scaled through second and third reading after it was considered.
The 2021 Appropriations Act (Amendment) bill seeks to extend the implementation of the Capital aspect of the Appropriation Act 2021 from December 31, 2021 to March 31, 2022.
According to Buhari, the N276billion being requested will be sourced from the N365billion Service Wide Vote for Upscaling of National Social Investment Programme (NSIP).
The letter titled, “2021 Appropriation Act: Request for Virement to Fund Critical Expenditure” reads: “The Senate may wish to recall that I signed the 2021 Appropriation on December 31, 2020, for a total expenditure of N13.588trillion and a Supplementary Appropriation to cater for critical needs for the Security and Health Sector in the sum of N983billion on July 26.
“You may also recall that during the signing of the 2021 Appropriation Act, I mentioned that, where necessary, I will revert to the National Assembly with a request for amendment, virement or other appropriate adjustments to ensure that the core objectives of the budget are accomplished.
“Accordingly, the 2021 Budget implementation is faced with challenges that will require additional funding for some critical and urgent line items in the budget.
“The purpose of this letter, therefore, is to forward the comprehensive Virement Proposal for the consideration and approval of the National Assembly.
“The details of the expenditures proposed for the virement are attached herewith as Schedule 1 while Schedule 2 shows the sources of the funds to be vired for the items in Schedule 1.
“In the light of the above, I implore the Senate to urgently consider the virement proposals to support our efforts to improve the well-being of our citizens.”
A breakdown of the virement request detailed by the Federal Ministry of Finance, Budget and National Planning shows, “Federal Ministry of Finance: N199, 129, 053, 400 for payment of local contractors’ debts, public service wage adjustment for MDAs, SDGs Projects 3 and Group Life Assurance for all MDAs.
“Federal Ministry of Education: N4, 500, 821, 569; Nigerian Air Force: N2, 335, 167, 265; Ministry of Defence: N4, 617, 811, 857; National Assembly: N25billion for settling minimum wage arrears of National Assembly Staff and Intervention to settle outstanding liabilities owed local contractors; Federal Road Maintenance Agency: N20, 038, 920, 773; Nigerian Correctional Service: N762, 678, 972; Federal Road Safety Commission (FRSC): N592million as financial assistance for the execution of 2021 End of Year Special Patrol Operation.
“N19, 780, 778, 558 for funding for Federal Medical Centre, Katsina, University of Maiduguri Teaching Hospital, Ahmadu Bello Teaching Hospital, Zaria, Usman Danfodio University Teaching Hospital, Sokoto, Lagos University Teaching Hospital, University of Nigeria Teaching Hospital, Enugu, University of Benin Teaching Hospital and Jos University Teaching Hospital.”
President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.
The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.
The ceremony took place at the Presidential Villa, yesterday.
The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.
The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.
Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.
Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”
Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”
He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.
“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.
According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”
He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.
The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.
However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.
At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.
They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.
After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.
By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.
In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.
“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.
“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.
He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.
The President added, “We are not just signing tax bills but rewriting the social contract.
“We are not there yet, but we are firmly on the road.”
The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.
Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.
However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.
Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.
It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.
The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.
“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.
“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”
But lawmakers rejected the request.
The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.
“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.
Other lawmakers echoed similar frustrations.
Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.
The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.
Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.
Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.
The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.
Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.
The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.
The National Association of Nigerian Travel Agencies (NANTA) said over 17 million Nigerians travelled out between 2023 and 2024.
This is as the association announced that it would be organising a maiden edition of Eastern Travel Market 2025 in Uyo, Akwa Ibom State capital from 27th to 30th August, 2025.
Vice Chairman of NANTA, Eastern Zone, Hope Ehiogie, disclosed this during a news briefing in Port Harcourt.
Ehiogie explained that the event aims to bring together over 1,000 travel professionals to discuss the future of the industry in the nation and give visibility to airlines, hospitality firms, hospitals and institutions in the South-South and South-East, tagged Eastern Zone.
He stated that the 17 million number marks a significant increase in overseas travel and tours.
According to him, “Nigerian travel industry has seen significant growth, with 17 million people traveling out of the country in 2023”.
Ehiogie further said the potential of tourism and travel would bring in over $12 million into the nation’s economy by 2026, saying it would be a major spike in the sector, as 2024 recorded about $4 million.
“The potential of tourism and travel is that it can generate about $12 million for the nation’s economy by 2026. Last year it was $4 million.
“In the area of travels, over 17 million Nigerians traveled out of the country two years ago for different purposes. This included, health, religious purposes, visit, education and others,” Ehiogie said.
While highlighting the potential of Nigeria’s tourism, he said the hospitality industry in Nigeria has come of age, saying it is now second to none.
The Vice Chairman of NANTA, Eastern Zone further said, “We are not creating an enabling environment for business to thrive. We need to support the industry and provide the necessary infrastructure for growth.”
He said the country has a lot of tourism potential, especially as the government is now showing interest in and supporting the sector.
Ehiogie emphasized that NANTA has been working to support the industry with initiatives such as training schools and platforms for airlines and hotels to sell their products.
He added, “We now have about four to five training schools in the region, and within two years, the first set of students will graduate. We are helping airlines sell tickets and hotels sell their rooms.”
Also speaking, former Chairman of the Board of Trustees of NANTA, Stephen Isokariari of Dial Travels, called for more support from the industry.
Isokariari stated, “We need to work together to grow the industry and contribute to the nation’s Gross Domestic Product.
“With the right support and infrastructure, the Nigerian travel industry has the potential to make a significant contribution to the nation’s economy.”