Economy
2022 budget: Reps seek downward review of N6 trillion deficit, borrowings

Members of the House of Representatives on Wednesday called for prudent utilization of funds as well as proposed domestic and external borrowings in the 2022 Appropriation bill being considered by the House and the Senate.

The lawmakers including Chairman, House Committee on Judiciary, Hon. Luke Onofiok, Minority Leader, Hon. Ndudi Elumelu, Hon. Abubakar Kabir amobg others gave the charge during the debate on the general principles of the 2022 Appropriation bill.

In his remarks, Hon. Onofiok who applauded the N10 billion increase in the allocation for judicial officers, called for upward review of the proposed N50 billion hazard allowance for medical doctors as part of measures toward reversing exodus of medical personnel to other countries amidst the lingering pandemic.
Hon. Onofiok said: “Following from the above, there are plausible recommendations by the FG in the 2022 proposals which my constituents have asked me to share and then appreciate and look at it and commend it.
One of them is the provision of about 50 billion for hazard allowance for medical personnel. We would recall that as part of the issues that led the medical personnel to go on strike is the hazard allowances which were not paid and even as of now those hazard allowances are quite very minimal.
We commend this effort of the Federal Government to capture this. I believe that this would stem the tide of industrial action in the health sector in 2022.
According to him, “it is also commendable in the sense that we are still fighting COVID 19, we know that the Federal Government had paid for about three months Covid-19 allowance, and after that those allowances have not been paid. We know what are medical personnel are exposed to daily so there is need for them for to be paid these allowance so it can be a morale booster.
“We have had a lot of brain drain in the last few years, because our eggheads have been pushed to go into other climes because of the challenges we have here. So while we are commending Mr. President for this, there is need for us to up that hazard allowance from N5,000 which has been for over 20 years to something that will boost the morale of those medical personnel
“So,this is commendable but we can equally look at how we can increase the hazard allowance for medical personnel.
He also commended Mr. President for approving First Line Charge for National Agency for Science and Engineering Infrastructure. The world is going technology and we need to be in pace with how the world is moving and I want to commend Mr. President and commend the FEC for looking at this perspective to try to have a statutory transfer for the agency.
“The investment in Defence against the backdrop of the insecurity we are facing today is quite commendable, but what we would urge is that let there be a judicial use of these finances. We see in reportage every of our security personnel being hacked down by bandits in numbers
“The question is what have we done to take care of their families and boost their morale. I believe the much funding in the 2022 proposed budget would take care of these issues.
“Before now we have been crying for increased and improved welfare for Judicial officer and we have asked the Federal Government to try to increase the Statutory Transfer to the National Judicial Council so our Judges and Judicial Officers can be taken care of, our Courts can be equipped and then we can make provision for technology in our courts so that we can be at par with others and adopt best practices and be at par with advanced democracies that we see.
“The increase of statutory transfer by 10 billion to the National Judicial Council to take up the judiciary is quite commendable.
On the debt serving, Hon. Onofiok who observed that the sum of N3.9 trillion for debt servicing representing about 25 percent of the whole budget was worrisome, tasked Federal Government on the need to review it.
“Another source of concern is that the proposal before us has a deficit of N6.2 trillion and government is proposing new borrowings to finance this deficit. What this implies is that then total public debt of Nigeria is expected to rise to N5 trillion in 2022 fiscal year. This is worrisome not only for today but generations unborn and the future of Nigeria.
“Let us do what we can to try to reduce the deficit and how we can reduce borrowing. Now to the next point on the issue so borrowing. There is nothing wrong with borrowing provided we borrow and put it for production not for consumption.
“So as we begin to look at it let us take the future generations of Nigeria into consideration while we get to borrow and make sure the borrowing are being put into productive ventures.
“While we put the money borrowed to infrastructure three clear things come to mind. We have looked at security. We need to invest in power. Let us borrow to invest in power and roads. We have road challenges across the country. Let me use for instance Mr. Speaker, the Calabar-Itu road that area is being cut-off. People spend 8 hours on the road. And we have seen something less than a billion naira allotted to that road in the different lots that have been given. That is quite inadequate. We have to invest in our road and in our public transportation
“We are talking about recoveries of loot and misappropriated funds, if we apply these it can help in reducing our deficits and borrowings. I don’t know whether these loots are still in the stomach of snakes or rats or animals. But if we apply these loots it would be to the better of the country
“Finally the pegging of oil price at $57 per barrel is totally quite very low. It is not sustainable. Permit to add that in the last three years since 2018, we have had a year high at an average of about $60 per barrel. So we should be advocating that there should be the upping of the pegging of $57 per barrel to $60 per barrel.
“In 2018, the year high was $77.41 cents per barrel. 2019 it was $66.24 cents. In 2020 it was $63.23 cent. As of today, the Brent is $83.27 cents. Bonny bright is $82.30 cents. So we can have an average of 60 dollars per barrel and that would be sustainable for us.
“The target of 13 percent inflation is not feasible, but what is achievable is that we should try to have a mechanism that would address the cost of food, cooking gas, and electricity bill. In this case, there should be provision for meters and we should make sure we cater for Nigerians in this regard,” he noted.
The Chairman House Committee on works on Kabir Abubakar also stressed the need for Standing Committees to investigate how money allocated to various intervention programmes are utilized, and the need for upward review of proposed fund for road projects adding that the Ministry of Works is currently having N640 billion outstanding certificate against the N280 billion proposed for roads in the 2022 budget estimates, adding that we need about N500 billion for the road sector.
The Tax Credit Scheme, where companies are allowed to develop road infrastructure and they are giving tax holidays to the tune of the cost of the project. An example is the Apapa – Oworoshoki Expressway in Lagos and the Kabba – Obajana road in Kogi state by Dangote. Other companies like LNG, Flour Mills, MTN and recently NNPC have all indicated their interest to participate in the Tax Credit Scheme.
“And also, the HDMI, where major highways are given as a concession to Investors to maintain and rehabilitate the roads and also, invest in the assets along the roads.
” Mr Speaker, over 800 contracts for roads and bridges are currently being executed across the nation by this Government, covering over 13,000 Kilometres of the 35,000 plus Kilometres of Federal Highways and Bridges. Every state in the federation has either a road or bridge project going on. To complete these projects, the Federal Government will need over 7 trillion Naira.
“But the 2022 budget provision for the Works sector in the Federal Ministry of Works and Housing from my sources at the Ministry is less than 300 billion Naira for capital allocation. While the federal government is owing road contractors over N400 billion.
“Mr Speaker, this allocation is grossly inadequate and a child’s play. Critical road projects in the 2022 budgets, in some cases, are allocated less than N400 million while the contract sums are above N40 billion and the contractors are owed billions of Naira.
“Mr Speaker, there are no abandoned road projects, but roads are suffering from the inadequate budgetary provision. For example, the Lagos – Badagry expressway is a Trans-West African Coastal Highway that connects Lagos, Nigeria with Dakar, Senegal through the Benin Republic and Ghana. Only Nigeria’s leg of this international highway is in a bad state. It is a shame we have not been able to finish this road.
“The Enugu – Onitsha Road awarded in 2019 at about N32 billion is only at 19% completion, and the total amount certified to date is about N5 billion, while the 2022 budgetary provision is less than N300 million
In his debate, Majority Leader, Hon. Alhassan Doguwa who solicited the support of the House towards ensuring the timely passage of the 2022 Appropriation bill, applauded the Presidency for ongoing efforts toward sustaining the January-December budget cycle and improved infrastructure.
The Minority Leader, Hon. Ndudi Elumelu underscored the need for the House to ensure that all the standing committees collate the list of erring Ministries, Departments and Agencies (MDAs) that fail to implement the capital projects despite the release of about 70 percent fund in the 2020 Appropriation Act.
In her remarks, Deputy Chief Whip, Hon. Nkeiruka Onyejeocha who argued that the present administration will be remembered for full implementation of the budget against the 30 percent budget implementation in the previous administrations.
Other lawmakers, who spoke during the debate, urged MDAs to ensure implementation of budget reflect gender responsive programmes, review procurement processes with a view to avoid late implementation of the budget, avoid diversion of funds released and ensure prudence during the implementation of the budget.
The lawmakers also tasked the House on the need to ensure adequate funding of education (3.6% of the 2022 budget), health and research, among others.
They also underscored the need to put necessary measures in place to ensure recovery of debts owed by about 77 oil companies owing the country should be looked into with the view to recover the fund to improve the economy, adding that necessary sanctions should be put in place to serve as deterrent.
While ruling, the Speaker, Hon. Femi Gbajabiamila disclosed that the debate on the general principles on the 2022 Appropriation bill will continue on Thursday.

Economy
2025 Revenue: FG, States, LGAs share N1.678 trillion

A total sum of N1.678 trillion, being February 2025 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.

The revenue was shared at the March 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja; chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.344 trillion was available in the month of February 2025. Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion.
The communiqué stated that gross statutory revenue of N1.653 trillion was received for the month of February 2025. This was lower than the sum of N1.848 trillion received in the month of January 2025 by N194.664 billion.
Gross revenue of N654.456 billion was available from the Value Added Tax (VAT) in February 2025. This was lower than the N771.886 billion available in the month of January 2025 by N117.430 billion.
The communiqué stated that from the total distributable revenue of N1.678 trillion, the Federal Government received total sum of N569.656 billion and the State Governments received total sum of N562.195 billion.
The Local Government Councils received total sum of N410.559 billion and a total sum of N136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N827.633 billion distributable statutory revenue, the communiqué stated that the Federal Government received N366.262 billion and the State Governments received N185.773 billion.
The Local Government Councils received N143.223 billion and the sum of N132.374 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N609.430 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N91.415 billion, the State Governments received N304.715 billion and the Local Government Councils received N213.301 billion.
A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion Electronic Money Transfer Levy (EMTL). The State Governments received N17.585 billion and the Local Government Councils received N12.310 billion.
From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the State Governments received N6.560 billion.
The Local Government Councils received N5.057 billion and a total sum of N3.668 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Augmentation of N178 billion was shared as follows: Federal Government received N93.770 billion, the State Governments received N47.562 billion and the Local Government Councils received N36.668 billion.
In February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL), increased significantly while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies recorded decreases.

Economy
Protesters urge president Tinubu to protect Diaspora housing investments along Lagos-Calabar coastal highway

A group under the aegis of Renewed Hope Concern Citizens (RHCC) on Friday staged a peaceful protest, calling for President Bola Tinubu’s intervention in protecting housing investments owned by Nigerians in the diaspora along the Lagos-Calabar coastal highway.

The protesters gathered in front of the United States Embassy in Abuja, carrying banners with inscriptions such as; Minister of Works, Senator Umahi should revert to the original gazetted alignment as promised. Enough is Enough; Association of Nigerian Diaspora Investors (ANDI) has cried enough, please intervene to save their energy to promote, support, and assist the Renewed Hope Administration; Renewed Hope Concern Citizens want Diaspora Investments to be protected and given adequate attention among others

“As committed stakeholders in the nation’s economic progress, we have consistently supported the government’s vision, particularly in revitalizing Nigeria’s infrastructure and energy sector. While we acknowledge the administration’s positive strides, recent developments have raised concerns about the misalignment of energy policies, particularly regarding the 2006 Gazetted alignment.
“We urgently call on the Minister of Works, Senator David Umahi, to restore the 2006 Gazetted alignment to ensure continued growth and stability in Nigeria’s energy sector,” said Hon. Tayo Agbaje, Chairman of RHCC, while addressing journalists.
The group refuted the Minister’s claim that an underground cable warranted the removal of structures in Okun Ajah, Lagos and outlined several reasons why President Tinubu’s intervention is crucial.
According to them, The 2006 Gazetted alignment has long provided a stable and predictable framework, essential for maintaining investor confidence in Nigeria’s energy sector.
“Diaspora investors contribute significantly to job creation, business growth, and the overall economy, making their protection vital to sustaining these contributions.
“The President should investigate the Minister of Works’ claim about the underground cable allegedly interfering with the 2006 Gazetted plan.
“Restoring the alignment will reinforce Nigeria’s commitment to a stable investment climate, boosting foreign investor confidence and attracting much-needed capital for infrastructure development.
“Deviating from established policies creates uncertainty, undermining both current and future foreign investments.
“Maintaining the 2006 Gazetted alignment will signal Nigeria’s dedication to long-term economic stability, further reassuring both local and international investors,” the group stated.
The RHCC reaffirmed its support for the Association of Nigeria in Diaspora Investments (ANDI) in its quest to uphold the 2006 Gazetted alignment plan of the Lagos-Calabar Coastal Highway.
They urged the government to act swiftly to protect diaspora investors, as this will strengthen Nigeria’s investment future and ensure continued economic success under the Renewed Hope Administration.

Economy
Ogunjimi promises to collaborate with ex-Accountants-General in taking treasury house to greater heights

The newly appointed Accountant General
of the Federation, Mr Shamseldeen B. Ogunjimi said he would collaborate and tap from the wealth of experiences of all Former Accountants -General of the Federation to bring the nation treasury to a greater height.

Mr Ogunjimi disclosed this while receiving two Former Accountants-General of the Federation, Dr John Naiyeju and Dr Ibrahim Dankwambo in his office in Abuja.

Speaking earlier, Senator Ibrahim Dankwambo suggested the upgrading of the Treasury Academy, Orozo owned by the Office of the Accountant-General of the Federation (OAGF) to a Degree (University) awarding Institute.
Also, Dr. John K. Naiyeju charged the new Accountant-General to carry along everyone and advised him to make staff welfare his priority.
In a related development, the Accountant-General of the Federation expressed his willingness to work with all professional organisation that will bring positive development to the nation, especially, his professional and Academy colleagues of the doctorate class.
Mr Ogunjimi called on his classmates to come up with ideas and suggestions that will enhance the management of the nation’s treasury that will positively affect the economy development.
In his remarks, the Chairman Forum of Doctorate Students, Ibrahim Aliyu said that they were in Treasury House to congratulate one of their own and assured him of their support towards his successful tenure.

-
Foreign1 week ago
Houthis declare Ben-Gurion Airport ‘no longer safe’ after renewed Gaza fighting
-
News1 week ago
Why Christ Embassy’s Pastor Chris holds Abuja mega crusade – Fisho
-
Security2 days ago
New Commissioner of Police in Niger, Elleman sends strong warning to criminals
-
News2 days ago
Kogi Governor, Ahmed Usman Ododo salutes Tinubu at 74
-
News1 week ago
Umeh denies receiving $10,000 with other 42 Senators to support state of emergency in Rivers
-
News21 hours ago
Abia: LG Chairman, Iheke accused of using soldiers to detain IRS agent, claims Governor Otti’s support
-
News2 days ago
Plateau LP stakeholders endorses Barr Gyang Zi’s defection to APC
-
Sports1 week ago
2026 World Cup Race: Ekong says Eagles feel great to be back in contention