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FG Budgets N19.76trn For 2023 …Targets N11.3trn Deficit …Projects N8.46trn Revenue To Spend N3.36trn On Subsidy Payment For Six Months

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The Federal Government has proposed to spend N3.36trillion on fuel subsidy payment in 2023.
Petrol subsidy would remain up to mid-2023 sequel to the 18-month extension announced early in 2021.
The government is proposing to spend N19.76trillion in 2023.
The 2023 budget, however, had a proposed deficit of N11.3trillion.
Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made the declaration in Abuja while addressing a sitting of the House of Representatives Committee on Finance on the 2023-2025 Medium Term Expenditure Framework.
Ahmed said government was projecting revenue of N8.46trillion for 2023; N1.9trillion of which would come from oil-related sources while the balance would come from non-oil sources.
She said the budget would be premised on $70 per barrel of crude oil and an exchange rate of N435.57 to the dollar.
The minister said oil production for 2023 was pegged at 1.69million barrel per day; a real GDP growth rate of 3.7per cent and inflation rate of 17.16per cent for the year.
The minister also told the session that there would be tighter enforcement of performance management framework for government-owned enterprises that would significantly increase operating surplus/dividend remittances in 2023.
Ahmed assured that there were no projections that Nigeria would default in her debt services in the nearest future.
She assured also that while the amount currently used in debt servicing had overshot appropriation in the 2022 budget, systems had been put in place to manage the situation.
“We planned that 60per cent of revenue would be spent on debt servicing, but in some months, the ratio went up to 90per cent.
“We have been able to, consistently without fail, serviced our debt and we do not have any projections even in the near future that we will fail.
“We actually follow the Medium Term Debt Management Strategy very strictly; the debts are not taken haphazardly and they are planned.
“They are appropriated and then we borrow against appropriation,” she stressed.
The minister acknowledged, however, that government was under pressure to manage debt servicing following the drop in revenue generation.
She called on the National Assembly and on other stakeholders to join government to increase revenue performance.
Earlier, Chairman of the Committee, Hon. James Faleke (APC-Lagos State) noted that Nigeria was short of revenue, and that so many things suffered when revenue was short.
The Debt Management Office had earlier stated that Nigeria’s debt profile as at December 2021 stood at N39.55trillion.

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Rivers’ll Be Known For Peace, Not Crisis -Fubara

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Rivers State Governor, Sir Siminalayi Fubara, has said that peace has prevailed because he draws strength from God to resist insults and tantrums thrown at him while frustrating attempts by some disgruntled persons who wanted to plunge the State into unending crisis.
The Governor also said that because he has anchored his Government on promoting peace, the enabling atmosphere has been provided for investments and sustainable development to flourish.
Governor Fubara made the assertion when he received a delegation of members of the Bishops and Gospel Ministers’ Association International Incorporated, Rivers State Chapter, at Government House in Port Harcourt, yesterday.
Represented by the Head of Rivers State Civil Service, Dr George Nwaeke, Governor Fubara said while most people took his meekness for weakness, his stance on peace has unarguably enhanced harmonious atmosphere of concord as residents sleep with their two eyes closed, and investors and shareholders are happy with the returns on investment.
He said, “Before, what they hear of Rivers State is that they are fighting, and some genuine investors will not come. Some people even ask you: How are you coping in Rivers State?
“But now”, he asserted: “The Governor has brought about a lot of changes in the State. One of the most important things is that he has changed the negative narrative. It is no longer Rivers of blood. It is now Rivers of peace.
“We are enjoying our lives here. Why? Because there is a change in the narrative. We have peace. The Governor is, as much as possible, absorbing any level of insult at him only for one purpose: that Rivers State may have peace; that we may grow; that this state will experience genuine development.”
Governor Fubara urged them, as members of the Christian family in the State, to continue to pray for the State and the Government so that the enemies of the State will be put to greater shame.
“This peace is what I want you to embrace. Go and continue to pray, because when the sower of the seed went and sowed, the enemy went in the night and sowed tares inside there. But the Governor is sowing peace.
“When I listened to the leader of the team, His Grace Eddy Ogbonda, he said you came all the way from Eleme Junction, and stopped at major junctions, and you uttered prayers for the peace of Rivers State.”
He also said: “I, hereby want to thank you for identifying with the Governor at a time like this. At a time when it looks as if someone wants the Governor’s peace posture misunderstood as weakness.
“When someone has the strength to fight back, but refuses to fight back. That is a bigger strength; that power of restrain does not just come, it can only come from God.
“You cannot give peace, if you do not have peace within you. The Governor is not interested in any form of trouble or violence. What he is interested in is known, and it is: let there be peace in Rivers State,” he said.
In his address, leader of the group, Archbishop Eddy Ogbonda, said they had observed a week-long intensive prayers that culminated into a peace rally, which brought them to Government House, and assured the Governor that God will continue to give him victory over his adversaries while preserving Rivers State.
“It is Rivers State Prophetic Prayer Convocation and Rally 2024 with the theme: ‘Peace be still’. Of a truth, everyone of us understands that we live in a time when we need peace much more than any other thing.
“Rivers State needs peace. Everyone as individuals need peace. The country needs peace, and the world at large needs peace. So, we are here to do a peace march. We pray that God will command His peace to reign in Rivers State,” he said.

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Hoteliers, School Owners Charging In Dollars Risk Arrest -EFCC

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The Economic and Financial Crimes Commission (EFCC) has stated that hotels, schools, and other establishments that accept payments in dollars from their customers are at risk of facing arrest.
The Chairman of EFCC, Ola Olukoyede, said this in the agency’s publication called EFCC Alert on Monday, adding that action would be taken against individuals involved in the dollarisation of the economy.
According to him, the exception is if foreigners come in to transact business and the only means of transacting is their credit card and dollar but to charge local customers in dollars or other foreign currencies would no longer be allowed.
He said charging local activities and customers in dollars is against Nigeria’s constitution.
The EFCC chairman said, “Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.
“Yes, if foreigners are coming in and the only means of transacting is their credit card, and dollar, why not? You will get that.
“But document it properly as against selling things within the system, local economy and you will be using dollar as the medium of exchange, it is illegal.
“Our law does not allow for that. And we have also affected some arrests.”

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Eid-El-Fitr: Fubara Felicitates Muslims, Calls For Unity, Tolerance

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Rivers State Governor, Sir Siminalayi Fubara, has enjoined Muslim faithful to remain steadfast to the lessons learnt during the holy month of Ramadan.
Governor Fubara stated this in his message of felicitations to Muslims as they celebrate the 2024 Eid-el-Fitr Sallah, which marks the end of the one-month Ramadan fasting.
The Governor emphasised the importance for Muslims to also uphold the tenets of Islam by exhibiting the fear of God and showing piety in their daily work.
Governor Fubara said, “We must all continue in the good attributes imbibed during the holy month of Ramadan as directed by God through His Prophet, so as to ensure peace, unity and harmony in the society for a better future.”
While praying that the essence of the festival offers them happiness, peace and prosperity in all aspects of life, Governor Fubara said he recognises and appreciates the critical role that the Muslim community continues to play in the development of Rivers State, and indeed, Nigeria at large.
Governor Fubara charged them to remain unwavering and steadfast in their commitment and positive contributions to advance the development of the State and the country.
“I enjoin you all in the State to remain calm, be patient and continue to do what is right,” the Governor added.
He wished the Muslim faithful in the State and across the country a happy Eid-el-Fitr celebration.

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