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FG Records N5.33tn Deficit In Eight Months
Amid Nigeria’s tight fiscal space, the Federal Government has recorded a deficit of N5.33trillion between January and August 2022, which is N430.82billion above the prorate level.
The government spent N9.56trillion from January to August 2022, out of N11.55trillion pro rata expenditure projected for the period.
Of the N9.56trillion spent in eight months, N3.52trillion was expended on debt service while N2.89trillion was used for personnel costs and pensions.
The total expenditure projected for the whole of 2022 is N17.32trillion.
Speaking during the ministerial presentation of the 2023 budget in Abuja, Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, said the Federal Government’s retained revenue was N4.23trillion as of August 2022, representing 64per cent of the pro-rata target of N6.65trillion.
She disclosed that the Federal Government’s share of oil revenues in 2022 was N395.06billion, representing 27.1per cent performance, while non-oil tax revenues totalled N1,549.91trillion, indicating 102.9per cent performance.
Ahmed further revealed that the Companies Income Tax and the Value Added Tax collections this year totalled N826.27billion and N210.36billion, respectively, representing 136.3per cent and 99.6per cent of their respective targets.
Customs’ collections comprising import and excise duties, fees, and federation account special levies fell short of the target by N102.51billion (17per cent).
“The Customs introduced that thing and it has created a lot of revenue setbacks for the government. The government should look at it seriously and reduce it and cancel the VIN. It is illegal and should be cancelled,” Founder of the National Council of Managing Directors of Licensed Customs Agents, Mr Lucky Amiwero, said.
According to Ahmed, the key parameters and other macroeconomic projections driving the medium-term revenue and expenditure framework had been revised in line with the emergent realities, including the GDP growth (from 4.20 to 3.55per cent in 2022 forecast).
For the 2023 budget, she said investment, especially from foreign sources, was expected to be hit by interest rate hikes in advanced economies, foreign exchange management concerns in Nigeria and other domestic challenges, including insecurity.
“Overall budget deficit is N10.78trillion for 2023. This represents 4.78percent of GDP,” Ahmed said, noting that budget deficit would be financed mainly by borrowings from domestic sources (N7.04trillion); foreign sources (N1.76trillion); multilateral/bi-lateral loan drawdowns (N1.77billion), and privatisation proceeds (N206.18billion).
The Federal Government, in 2020, launched the Strategic Revenue Growth Initiative with a view to tapping sources that would boost and diversify Nigeria’s revenue base.
But revenues have not fared so well since then, with debt service hurting the country’s fiscal outlook.
Director-General of the Budget Office of the Federation, Ben Akabueze, said the government had significantly enhanced the use of technology in the budget process, including service- wide implementation of the GIFMIS Budget Preparation System.
He said in a bid to enhance budget comprehensiveness and transparency, the Federal Government’s budget now included all projects funded by bilateral/multilateral loans, donor-funded programmes/projects as well as the revenues and expenditures of 63 major government-owned enterprises/regulatory agencies.
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I’m Committed To Community Dev – Ajinwo
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RSG Tasks Rural Dwellers On RAAMP …As Sensitization Team Visits Akulga, Degema, Three Others

Rivers State Head of Service, Dr (Mrs) Inyingi Brown, has called on rural communities in the State to embrace the Rural Access and Agricultural marketing project (RAAMP) with a view to improving their living conditions.
This follows the ongoing sensitization campaign by the State Project Implementation Unit (SPIU) visits to Degema, Abonnema, Afam headquarters of Degema, Akuku Toru and Oyigbo Etche and Omuma local government areas respectively.
Dr Brown who was represented by the Deputy Director, Special Duties in her office, Mrs Dein Akpanah, said RAAMP was initiated by the Federal Government and World Bank to economically empower rural dwellers.s
She said the World Bank understands the plights of rural farmers and traders in the State, and therefore came up with the programme to address them.
According to her, RAAMP will improve the conditions of farmers, traders and fishermen, and therefore, behoves on every rural communities in the State to embrace the programme.
The Head of Service also said the programme would support the youths to be gainfully employed while bridges and roads will be built to link farms and fishing settlements.
Also speaking, the State project coordinator, Mr Joshua Kpakol, said the programme has the potential of creating millionaires among farmers and fishermen in the State.
Kpakol who was represented by Engr. Sam Tombari, said RAAMP would help farmers and fishermen to preserve their produce.
According to him, the project will build cold rooms and Silos for preservation of crops and fishes while access roads will also be created to link farmers and fishermen to the market.
He, however, warned them against any act that will lead to the suspension of the projects by the World Bank.
Kpakol particularly warned against acts such as kidnapping, marching ground, gender based violence and child labour, adding that such acts if they occur may lead to the cancellation of the project by the World Bank.
During the visit to Oyigbo local government area, Mr Joshua Kpakol, said the team was there to let them know how they will benefit from the Raamp.
The coordinator who was personally at Oyigbo said the World Bank introduced the project to check food insecurity in the State.
He said already 19 states in Nigeria are already benefitting from the project and called on them to embrace the project.
Meanwhile, stakeholders in the three local government areas have commended the World Bank for including their areas in the project.
They, however, complained over the incessant attacks by pirates on their waterways.
At Degema, King Agolia of Ke kingdom said land was a major problem in the kingdom.
King Agolia represented by High Chief Alpheus Damiebi said many indigenes of the kingdom are willing to go into farming but are handicapped by lack of land.
Also at Degema, the representative of the Omu Onyam Ekeim of Usokun Degema kingdom, Osoabo Isaac, said Degema has embraced the programme but needed more information on the implementation of the programme.
Similarly, while High Chief Precious Abadi advised that the project should not be narrowed to only crop farming, a community women leader, Mrs Orikinge Eremabo Otto, called for the construction of cold rooms in all fishing settlements in the area.
At Abonnema, Mr Diamond Kio linked the problem of the area to incessant piracy along waterways.
He also expressed fears over the possibility of the project being hijacked by politicians.
Also at Abonnema, a stakeholder, Ikiriko Kelvin, called on the World Bank to design an agricultural project that will suit the riverine environment, while at Oyigbo, HRH Eze Boniface Akawo expressed satisfaction with the project.
John Bibor
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Senate Replaces Natasha As Committee Chairman

The political mudslinging between the Senate leadership and Senator Natasha Akpoti-Uduaghan continued yesterday as the Senate named Senator Aniekan Bassey as the new Chairman of the Committee on Diaspora and Non-Governmental Organisations.
Senate President, Godswill Akpabio, announced the appointment during yesterday’s plenary, confirming Bassey’s replacement of Senator Natasha Akpoti-Uduaghan, who is currently on suspension.
Akpoti-Uduaghan was reassigned to the Diaspora and NGOs Committee in February after she was removed as Chair of the Senate Committee on Local Content during a minor reshuffle.
Bassey is the senator representing Akwa Ibom North-East Senatorial District.
Although no reason was given for her removal yesterday, the change is believed to be connected to her unresolved suspension.
In May, Justice Binta Nyako of the Federal High Court ordered her reinstatement and directed her to tender an apology to the Senate.
However, the Senate has insisted it has not received a certified true copy of the court judgment.
Akpoti-Uduaghan who represents Kogi Central, has yet to resume her legislative duties despite a recent court ruling that voided her suspension.
In a televised interview on Tuesday, Akpoti-Uduaghan said she was awaiting the Certified True Copy of the judgment before officially returning to plenary, citing legal advice and respect for institutional process.
Although the Federal High Court described her suspension as “excessive and unconstitutional”, a legal opinion dated July 5 and attributed to the Senate’s counsel, Paul Daudu (SAN), argued that the ruling lacked any binding directive to enforce her reinstatement.
Akpoti-Uduaghan, one of only three female senators in the current assembly, said the continued delay in allowing her return was not only a denial of her mandate but also a blow to democratic representation.
“By keeping me out of the chambers, the Senate is not just silencing Kogi Central, it’s denying Nigerian women and children representation. We are only three female senators now, down from eight,” she said.
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