Urhobo News

…tasks MDAs on accountability, timeliness at budget defence

The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has said that the National Assembly would “ensure exhaustive consideration” of the 2022 budget that President Muhammadu Buhari presented to the federal legislature on Thursday.

The Speaker, who said the National Assembly was committed to the timely passage of the Appropriation Bill as it did in the last two years, noted that the next two to three months will be for the strictest scrutiny of the budget estimates and emphasized that lawmakers would hold government agencies accountable for the previously appropriated funds.

In a remark at the budget presentation before a joint session of the National Assembly, Gbajabiamila recalled that upon inauguration, the 9th Assembly committed itself to pursue long-awaited and critical reforms to the appropriations process for better delivery on the promise of national development.

“Over the last two budget cycles, by the joint effort of the executive and legislature, we have made significant progress in this regard and achieved reforms that will stand the test of time and count in our favour,” he noted.

Speaker Gbajabiamila added that while working to deliver the previous budgets, the lawmakers worked “through the day and night, forgoing all other considerations in a joint effort to deliver a national budget that meets the highest expectations of the Nigerian people.

“Therefore, I am confident that the National Assembly will give this Appropriation Bill the prompt consideration it demands.

“However, let me use this opportunity to say to the heads of ministries, departments and agencies of the Federal Government of Nigeria that the determination of the National Assembly to deliver a timely budget will not derogate from our responsibility to ensure exhaustive consideration of the Bill.

“We will demand a thorough accounting for the funds previously appropriated, disbursed and expended. And we will take steps to hold to account those who fail to provide the records we need to make informed decisions on the Appropriation Bill. This is the responsibility of the National Assembly, and we will live up to it.”

The speaker noted that the reforms introduced by the 9th Assembly in the appropriations process, “including establishing a January to December budget cycle, improving oversight procedures, and ensuring greater fidelity to the letter and spirit of our appropriation laws, have led to measurable improvements in public infrastructure, access to education and housing, healthcare and transportation, amongst others.

“These improvements, which have had a positive impact on the lives of millions of Nigerians across the country, inspire us to do more.”

He said innovations in technology, the changing nature of global trade, the challenges of cross-border insecurity and the increasing interdependence of nations have continued to “present challenges we must overcome and opportunities we must embrace.”

As legislators and leaders in government, the speaker said, “we have a continued obligation to ensure that in considering this Appropriation Bill, we make all deliberate efforts to ensure that we continue to make critical investments in education and healthcare, public infrastructure and national security.

“Through these investments, we can hope to build an economy that provides enough well-paying jobs for our young population so that we can, in our lifetime, end endemic poverty in our country and eradicate the social ills that derive therefrom.”

The speaker said the House has, in the last one year, passed several important resolutions relating to healthcare, primary education and national security that require actual funding.

“Where these resolutions have not been included in the Appropriation Bill, the House will work with the Senate and with the Executive to see to it that the final version of this Appropriation Bill includes necessary allocations to implement these resolutions and give full effect to the best wishes of the House.”

Gbajabiamila thanked President Buhari for coming to present the budget estimates personally as usual, and commended the Vice President, Professor Yemi Osinbajo; the Secretary to the Government of the Federation, Mr Boss Mustapha, the Budget Office, Honourable Ministers and all those who contributed to drafting the Appropriation Bill.

“The National Assembly will build on your efforts. Together, we will deliver an Appropriation Act that provides real solutions to national problems, unlocks economic potential, secures our country and brings a future we can all look forward to and be proud of.”

He also paid glowing tributes to senators and members of the House for their “unmatched determination to delivering the annual budget on time, in line with our commitment to a January to December budget cycle.”

Signed:

Lanre Lasisi, Special Adviser on Media and Publicity to the Speaker, House of Representatives, Federal Republic of Nigeria

PRESIDENT BUHARI COMMISERATES WITH AMBASSADOR OF UAE OVER LOSS OF MOTHER

President Muhammadu Buhari extends condolences to the Ambassador of the United Arab Emirates to Nigeria, His Excellency, Dr. Fahad Obaid Al Taffaq on the loss of his mother, Kulaithem Mohammed Al Hammadi who passed on at the age of 61.

The President notes that the late Kulaithem, whose passion for education dotted her life, would be sorely missed by those who benefitted from her tutelage, her large-heartedness and commitment to instill knowledge.

“She was a strong pillar of support for the family, while her generosity and love for the less privileged endeared her to all and sundry. She will surely be missed,” said President Buhari.

The President calls on Ambassador Al Taffaq and members of the family to remain steadfast in the wisdom of Allah in all things, praying that the Almighty will forgive the sins of the departed and grant her soul Aljannah Firdaus.

Garba Shehu

Senior Special Assistant to the President

(Media & Publicity)

October 7, 2021

LAGOS STATE GOVERNMENT

OFFICE OF THE CHIEF PRESS SECRETARY TO THE GOVERNOR

PRESS RELEASE

SANWO-OLU FLAGS OFF SWAGA ‘23 IN LAGOS, DRUMS SUPPORT FOR PRO-TINUBU MOVEMENT

• ‘Tinubu A Rallying Figure, Hope for Progressive Leadership’ – Governor

Ikeja – the political unit of the National Leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu – literally stood still on Thursday for the formal launch of Southwest Agenda 2023 (SWAGA ‘23) in Lagos State.

Governor Babajide Sanwo-Olu joined full political machinery in the State to host the carnival-like event held at 10 Degree Event Centre in Oregun and attended by political leaders from all divisions of Lagos.

SWAGA, a group being led by Senator Dayo Adeyeye, is a political movement building support base for the former Lagos State Governor in anticipation of his interest to contest for president in the 2023 general elections.

Sanwo-Olu was accompanied by all members of the State Executive Council, lawmakers in the State House of Assembly, and members of Conference 57 to formally unveil the political group.

Declaring total support for the group’s agenda, Sanwo-Olu said SWAGA was formed based on the belief in Tinubu’s vision and political philosophy that prioritise development of human capital and economy.

The Governor described the APC National Leader as a “core political thinker” of the contemporary generation, noting that Tinubu’s constituency in progressive politics stood him out as a beacon and rallying figure capable of delivering directional leadership to the country in the next dispensation.

He said: “Asiwaju Tinubu’s story has been a legend in vision, passion and action. These three values stand him out among his contemporaries in national politics today. It is no wonder the man stretches his arm of fellowship beyond Lagos, the State he led for eight years as a Governor and in which he bequeathed the legacy we are building on. He is nationalist in thinking and progressive in action.

“The SWAGA we are launching in Lagos today is a demonstration of Tinubu’s enduring political principles and strong vision. Those behind the movement took the three values and push them with passion. What we are witnessing today is the action from the vision and passion; this is what SWAGA represents. By the grace of God, we will drive this agenda to logical end and we will all witness the inauguration of our political icon come 2023.”

Sanwo-Olu assured the proponents of the movement of his continued support, promising to mobilise more political support for the group. He said he would join hands with SWAGA coordinators to take the agenda beyond the Southwest region and make it a national movement.

Deputy Governor, Dr. Obafemi Hamzat, said Tinubu personified the progress the Nigerians had been yearning for, drumming support for the APC National Leader.

“If we want true progress, employment, security and development, we all know who is capable of creating these opportunities for us. He is Asiwaju,” Dr. Hamzat said.

Senator Adeyeye said Lagos was the last State to be visited since the movement started last December, noting that all political and traditional rulers across the Southwest were in tune with the agenda being pushed by the group.

Before the formal launch in Lagos, the Ekiti-born ex-lawmaker said the group met over 80 traditional rulers in the State to establish SWAGA as a grassroots movement.

Lagos SWAGA official, Mrs. Kafilat Ogbara, said it was time Tinubu let the cat out of the bag, urging Southwest Governors to unanimously join hands with teams of supporters to make a clarion call on the APC National Leader to declare his interest in the presidency.

She said: “Today we are launching a national machinery for the advancement of our nation and rescue it from the challenges of insecurity, banditry, unemployment. Today is a clarion call on all of us that we will break through if we organise ourselves to focus on the goal and give our total commitment to Asiwaju’s vision.”

Former member of the House of Representatives and chairman of SWAGA in Lagos, Hon. Moshood Alao, described Tinubu as “highly visionary”, noting that the former Lagos Governor possesses all attributes to make a great leader.

“Tinubu is unique and he is incomparable under the current political dispensation. The current situation in the country requires the leadership of an individual with a wider network and support base. No other person fits in that position other than Asiwaju Bola Tinubu,” Alao said.

The keynote speaker, Prof. Otitoju, who spoke on “Credentials of the next president of Nigeria”, listed qualities to be possessed by anyone vying for president in 2023.

He said a thorough analysis of political issues in the country indicated unrivalled political sagacity and good understanding of economic issues in terms of wealth creation remained the most important attribute to be possessed by the next president.

Tinubu remains the most qualified person, Otitoju said, adding: “He is a political tactician who rules over the most diverse State in Nigeria and ensures every ethnic group has contributions to the affairs of Lagos.”

The highpoint was the unveiling of the pro-Tinubu movement’s logo by Governor Sanwo-Olu and Adeyeye.

Notable figures at the event included Chief of Staff to the Governor, Mr. Tayo Ayinde, Lagos APC caretaker chairman, Hon. Tunde Balogun, Governor’s Advisory Council (Member), Baba Bamu Seriki, former Minister for Works, Senator Adeseye Ogunlewe, former APC National Legal Adviser, Babatunde Ogala, SAN, and Iyaloja General, Mrs. Folashade Tinubu-Ojo.

Others are traditional rulers in Lagos, traders and market leaders, youth groups and grassroots political organisations.

SIGNED

GBOYEGA AKOSILE

CHIEF PRESS SECRETARY

OCTOBER 7, 2021

PRESIDENT BUHARI CONDOLES WITH CHIEF OF STAFF TO ABIA STATE GOVERNOR, PROF A.C.B AGBAZUERE, ON LOSS OF WIFE

President Muhammadu Buhari sends heartfelt sympathy to the Chief of Staff to Abia State Governor, Prof A.C.B Agbazuere, on the passage of his wife, Onyinyechi, aged 44.

The President says the departed left at the bloom of life, having established reputation as a devout Christian, always interceding for her husband in his challenging duties as a top functionary to Governor Okezie Ikpeazu of Abia State.

President Buhari extends condolence to the Abia State government, relations, friends and associates of the Agbazuere family, praying God to rest the soul of the deceased, and comfort all those who mourn her.

Femi Adesina

Special Adviser to the President

(Media and Publicity)

October 7, 2021

Decaying State Of Education Under Godwin Obaseki’s Watch

By Erasmus Ikhide

GOOD education is the best legacy any parent, guardian or government

can bequeath to the next generation and young ones. The reason why the

late Sage, Chief Obafemi Awolowo is still revered thirty-four years

after his demise is because of the free primary school education he

introduced in 1955 when he was the Premier of the Western Region.

Dr. Nnamdi Azikiwe who went through hell and high water in getting an

American education established the University of Nigeria Nsukka with

the motto ‘To restore the dignity of man.’ It was the good education

that Chief Anthony Eromosele Enahoro received from Kings College Lagos

without a university education that made Azikiwe appoint him as the

Editor of the Southern Nigeria Defender in Ibadan at the age of 21 –

the youngest ever editor in the country.

It is tragic that education has been thrown to the dogs under the ill fated administration of Governor Godwin Obaseki who doesn’t give a hoot about the extremely poor state of education in the state. Edo

State has Edo College which produced many illustrious sons in the

state but which is now a shadow of its former self due to criminal

government neglect. How many of its alumnus would gladly send their

children or wards to the school that ironically made them who they

were today?

The level of youth unemployment is extremely high. The National Bureau

of Statistics puts it at about 33%. A way to tackle this societal

malaise is to re-introduce vocational and technical education which

was abandoned when the nation was awash with petro dollars. Igarra

Technical College, Afuze Technical College, Uromi Technical College

and Government Science and Technical College (GSTC) have been left to

rot without any critical governmental intervention.

The level of unemployment is extremely high in Edo State due to the

fact that the state is largely a Civil Service State. Edo State with

its large land mass has what it takes to be a heavily industrialized

and agricultural driven economy. Sadly, over the last four years the

Governor has shutdown all the Colleges in the state in the name of

renovation, including College of Agriculture, Iguoriakhi which ought

to be at the vanguard of agro-preneurial training and production.

Governance has been absent since his swearing in last one year and he

is just naming his cabinet after over a year of his winning his second

term.

Despite his acclaimed robust private sector experience which saw him

establishing a Securities Dealing Firm – Afrinvest, he has failed in

innumerable ways to industrialize the state. Imagine if many

industries were functional in the state, it will lead to the

concomitant high demand for highly skilled technical labour as their

services will be needed to effectively run these industries and

factories! It is bad enough that these schools have been left to rot,

it is worse that even the few that manage to survive the rigours of an

education there have no jobs to look forward to due to a visionless

and rudderless leadership that is ideas bankrupt.

The state of many of the government owned primary and secondary

schools leaves much to be desired. The schools lack good toilet

facilities, fields for sports, high population in the classroom, few

teachers. The students study under the most excruciating conditions

not even befitting for animals.

We currently live in a globalized world where the world is now flat

according to prominent American Economist, Thomas Friedman whose New

York Times bestselling book ‘The World is Flat’ exposes the reality of

globalization and how your nearest competitor could be someone

millions of miles away. The covid 19 pandemic which changed the world

of work to remote working is a lesson for our political leaders to

adequately prepare the young minds for a fast changing world of work.

This is an era where secondary school students in former war torn

Rwanda learn about the use of drones. Yet, the students in Edo don’t

learn with computers. How will they be able to compete in the future

against their peers from all over the world? What sort of future is

the Edo State Government under Obaseki preparing the children for?

Despite the dictatorship of Cuba’s Fidel Castro which spanned over

four decades amidst many assassination attempts and embargo by the

United States after he defeated the US backed Cuban forces in the Bay

of Pigs Invasion, his greatest legacy was his sturdy investment in

education. He ensured that medical doctors in the country got the best

training and created a system whereby they are exported to the rest of

the world. Today, the exportation of medical doctors from there is

their largest revenue earner dwarfing sugar which was their previous

economic mainstay. Cuban doctors helped Italy effectively tackle Covid

19 which badly hit them.

Crude Oil exports will be irrelevant anytime from now. Smart leaders

are preparing their citizens to be relevant in a knowledge driven

economy. The legendary Lee Kuan Yew prepared Singaporeans for this

reality as he moved them from being a third world into a first world

nation in less than three decades. Saudi Arabia has already saved up

over two trillion dollars to be managed by Global Consulting Giant,

Mckinsey in their preparation for a post oil economy. The UK has said

that by 2030 they will completely phase out fossil fuel run cars in

favour of electric cars. Imperial College has scrapped the Masters

Degree Program in Petroleum Engineering because of the irrelevance of

crude oil in the nearest future. What is Obaseki doing about this new

trend? How is he preparing Edolites sons and daughters to compete in

the knowledge economy that our curriculum is ill prepared to address?

What are his educational legacies as he will be out of office in less

than 38 Months time?

It is sad that Edolites have the stereotype of prostitution as the bad

policies of the leadership have pushed many of its young, pretty girls

to prostitution abroad especially in Italy. A good education will

equip these emotionally battered and financially emasculated ladies to

a life of financial independence where they will be able to live their

life solely on their own terms and not being dependent on male beasts

for their sustenance.

The Edo State House of Assembly is supposed to question him on the

sorry state of education there but alas it is yet to be fully

inaugurated since last year which has now transformed him into a full

blown dictator.

We call on the Civil Society and Public Spirited Individuals to mount

pressure on this Pharoah of a leader to do the needful and rescue Edo

State education from the mire and ensure that our students who will

take up the mantle of leadership someday are well prepared for this

challenge which will prevent them from perpetually playing the second

fiddle both in their country and in the Diaspora.

Erasmus Ikhide contributes this piece via: ikhideerasmus@gmail.com

2022 BUDGET SPEECH

Budget of Economic Growth and Sustainability

Delivered By:

His Excellency, President Muhammadu Buhari

President, Federal Republic of Nigeria

At the Joint Session of the National Assembly, Abuja

Thursday, October 7, 2021

PROTOCOLS

1. It is my great pleasure to be here once again to present the 2022 Federal Budget Proposals to this distinguished Joint Session of the National Assembly.
2. Distinguished and Honourable leaders, and members of the National Assembly, let me start by commending you for the expeditious consideration and passage of the Supplementary Appropriation Bill 2021. This further underscores your commitment to our collective efforts to contain the COVID-19 Pandemic and address the various security challenges facing our country.
3. I will also take this opportunity to thank you for the quick consideration and approval of the 2022-2024 Medium-term Expenditure Framework and Fiscal Strategy Paper. Our hope is that National Assembly will continue to partner with the Executive by ensuring that deliberations on the 2022 Budget are completed before the end of this year so that the Appropriation Act can come into effect by the first of January 2022.
4. The 2022 Budget will be the last full year budget to be implemented by this administration. We designed it to build on the achievements of previous budgets and to deliver on our goals and aspirations as will be reflected in our soon-to-be launched National Development Plan of 2021 to 2025.
5. Distinguished Senators and Honourable Members, in normal times, I make use of this opportunity to provide an overview of global and domestic developments in the current year, a summary of our achievements, and our plans for the next fiscal year.
6. However, these are exceptional times. The grim realities of COVID-19 and its lethal variants are still upon us. From President to Pauper, the virus does not discriminate.
7. This is why our country still maintains its COVID -19 guidelines and protocols in place to protect its citizens and stop the spread of this disease.
8. Over the past few days, we have consulted with the Presidential Steering Committee on COVID-19 and the leadership of the National Assembly on how best to present the 2022 budget proposal keeping in mind the deep-rooted traditions in place and the guidelines for safe mass gatherings.
9. We ultimately decided that the most responsible and respectful approach was to hold a shorter than usual gathering while allowing the Honourable Minister of Finance, Budget and National Planning to provide fuller details of our proposals in a smaller event.
10. I am sure many of you will be relieved as my last budget speech in October 2020 lasted over fifty minutes.
11. Still, over the next few minutes, I will provide key highlights of our 2021 performance as well as our proposals for 2022.

PERFORMANCE OF THE 2021 BUDGET

12. The 2021 ‘Budget of Economic Recovery and Resilience’ is based on a benchmark oil price of 40 US Dollars per barrel, oil production of 1.6m b/d, and exchange rate of 379 Naira to US Dollar. Furthermore, a Supplementary budget of 982.73 billion Naira was recently enacted to address exigent issues in the Security and Health sectors.
13. Based on the 2021 Fiscal Framework, total revenue of 8.12 trillion Naira was projected to fund aggregate federal expenditure of 14.57 trillion Naira (inclusive of the supplementary budget). The projected fiscal deficit of 6.45 trillion Naira, or 4.52 percent of GDP, is expected to be financed mainly by domestic and external borrowings.
14. By July 2021, Nigeria’s daily oil production averaged one 1.70million barrels (inclusive of condensates) and the market price of Bonny Light crude averaged 68.53 US Dollars per barrel.
15. Accordingly, actual revenues were 34 percent below target as of July 2021, mainly due to the underperformance of oil and gas revenue sources. Federal Government’s retained revenues (excluding Government Owned Enterprises) amounted to 2.61 trillion Naira against the proportionate target of 3.95 trillion Naira for the period.
16. The Federal Government’s share of Oil revenue totalled 570.23 billion Naira as of July 2021, which was 51 percent below target, while non-oil tax revenues totalled 964.13 billion Naira. The poor performance of oil revenue relative to the budget was largely due to the shortfall in production as well as significant cost recovery by NNPC to cover the shortfall between its cost of importing petrol and the pump price.
17. The National Assembly will recall that in March 2020 the Petroleum Products Pricing Regulatory Agency announced that the price of petrol would henceforth be determined by market forces.
18. However, as the combination of rising crude oil prices and exchange rate combined to push the price above the hitherto regulated price of 145 Naira per litre, opposition against the policy of price deregulation hardened on the part of Labour Unions in particular.
19. Government had to suspend further upward price adjustments while engaging Labour on the subject. This petrol subsidy significantly eroded revenues that should have been available to fund the budget.
20. On a positive note, we surpassed the non-oil taxes target by eleven (11) percent in aggregate. The sustained improvement in non-oil taxes indicates that some of our revenue reforms are yielding positive results. We expect further improvement in revenue collections later in the year as more corporate entities file their tax returns and we accelerate the implementation of our revenue reforms.

Improving Revenue Generation and Administration

21. We have stepped up implementation of the strengthened framework for performance management of government owned enterprises (GOEs), with a view to improve their operational efficiencies, revenue generation and accountability. The 50% cost-to-income ratio imposed on the GOEs in the Finance Act 2020 has contributed significantly to rationalizing wasteful expenditures by several GOEs and enhanced the level of operating surpluses to be transferred to the Consolidated Revenue Fund (CRF). I solicit the cooperation of the National Assembly in enforcing the cost-to-income ratio and other prudential guidelines during your consideration of the budget proposals of the GOEs, which I am also laying before you today.
22. On the expenditure side, as at end of July 2021, a total of six point seven-nine (6.79) trillion Naira had been spent as against the pro-rated expenditure of seven point nine-one (7.91) trillion Naira. Accordingly, a deficit of four point one-seven (4.17) trillion Naira was recorded as at end of July 2021. The deficit was financed through domestic borrowing.
23. Despite our revenue challenges, we have consistently met our debt service commitments. We are also up to date on the payment of staff salaries, statutory transfers, and overhead costs. As at (4th of October 2021, a total of 1.732 trillion Naira had been released for capital expenditure.
24. I am pleased to inform you that we expect to fund MDAs’ capital budget fully by the end of the fiscal year 2021.
25. Capital releases thus far have been prioritised in favour of critical ongoing infrastructural projects in the power, roads, rail, agriculture, health and education sectors.
26. We have made progress on the railway projects connecting different parts of the country. I am glad to report that the Lagos-Ibadan Line is now completed and operational. The Abuja-Kaduna Line is running efficiently. The Itakpe-Ajaokuta rail Line was finally completed and commissioned over thirty (30) years after its initiation.
27. Arrangements are underway to complete the Ibadan-Kano Line. Also, work will soon commence on the Port Harcourt-Maiduguri Line and Calabar-Lagos Coastal Line, which will connect the Southern and Eastern States to themselves and to the North.
28. Progress is also being made on several power generation, transmission, and distribution projects, as well as off-grid solutions, all aimed towards achieving the national goal of optimizing power supply by 2025.
29. I am again happy to report that we continue to make visible progress in our strategic road construction projects like the Lagos – Ibadan expressway, Apapa – Oworonsoki expressway, Abuja – Kano expressway, East-West Road and the second Niger bridge. We hope to commission most of these projects before the end of our tenure in 2023.
30. The Pandemic revealed the urgent need to strengthen our health system. Towards this end, we constructed 52 Molecular labs, 520 bed intensive care units, 52 Isolation centres and provision of Personal Protective equipment across 52 Federal Medical Centres and Teaching Hospitals.
31. We continue to push our expenditure rationalization initiatives which we commenced in 2016. For example, on personnel costs, the number of MDAs captured on the Integrated Payroll and Personnel Information System increased from 459 in 2017 to 711 to date.
32. The recent passage of the Petroleum Industry Act 2021, and consequent incorporation of the Nigeria National Petroleum Corporation should also result in rationalisation of expenditure, as well as increased investments and improved output in the oil and gas industry.
33. Distinguished Senators and Honourable Members, you will agree with me that a lot has been accomplished over the last year but there is still much to be done. I will now proceed with a review of the 2022 Budget proposal.

THEME AND PRIORITIES OF THE 2022 BUDGET

34. The allocations to MDAs were guided by the strategic objectives of the National Development Plan of 2021 to 2025, which are:
35. Diversifying the economy, with robust MSME growth;
36. Investing in critical infrastructure;
37. Strengthening security and ensuring good governance;
38. Enabling a vibrant, educated and healthy populace;
39. Reducing poverty; and
40. Minimizing regional, economic and social disparities.
41. The 2022 Appropriation therefore is a Budget of Economic Growth and Sustainability.
42. Defence and internal security will continue to be our top priority. We remain firmly committed to the security of life, property and investment nationwide. We will continue to ensure that our gallant men and women in the armed forces, police and paramilitary units are properly equipped, remunerated and well-motivated.
43. The 2022 budget is also the first in our history, where MDAs were clearly advised on gender responsive budgeting. These are part of critical steps in our efforts to distribute resources fairly and reach vulnerable groups of our society.

PARAMETERS AND FISCAL ASSUMPTIONS

38. Distinguished Members of the National Assembly, the 2022 to 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper sets out the parameters for the 2022 Budget as follows:
39. Conservative oil price benchmark of 57 US Dollars per barrel;
40. Daily oil production estimate of 1.88 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day);
41. Exchange rate of four 410.15 per US Dollar; and
42. Projected GDP growth rate of 4.2 percent and 13 percent inflation rate.

2022 REVENUE ESTIMATES

39. Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 17.70 trillion Naira in 2022.
40. Total federally distributable revenue is estimated at 12.72 trillion Naira in 2022 while total revenue available to fund the 2022 Federal Budget is estimated at 10.13 trillion Naira. This includes Grants and Aid of 63.38 billion Naira, as well as the revenues of 63 Government-Owned Enterprises.
41. Oil revenue is projected at 3.16 trillion, Non-oil taxes are estimated at 2.13 trillion Naira and FGN Independent revenues are projected to be 1.82 trillion Naira.

PLANNED 2022 EXPENDITURE

42. A total expenditure of sixteen point three-nine (16.39) trillion Naira is proposed for the Federal Government in 2022. The proposed expenditure comprises:
43. Statutory Transfers of 768.28 billion Naira;
44. Non-debt Recurrent Costs of 6.83 trillion;
45. Personnel Costs of 4.11 trillion Naira;
46. Pensions, Gratuities and Retirees’ Benefits 577.0 billion Naira;
47. Overheads of 792.39 billion Naira;
48. Capital Expenditure of 5.35 trillion Naira, including the capital component of Statutory Transfers;
49. Debt Service of 3.61 trillion Naira; and
50. Sinking Fund of 292.71 billion Naira to retire certain maturing bonds.

Fiscal Balance

43. We expect the total fiscal operations of the Federal Government to result in a deficit of 6.26 trillion Naira. This represents 3.39 percent of estimated GDP, slightly above the 3 percent threshold set by the Fiscal Responsibility Act 2007. Countries around the world have to of necessity over-shoot their fiscal thresholds for the economies to survive and thrive
44. We need to exceed this threshold considering our collective desire to continue tackling the existential security challenges facing our country.
45. We plan to finance the deficit mainly by new borrowings totalling 5.01 trillion Naira, 90.73 billion Naira from Privatization Proceeds and 1.16 trillion Naira drawdowns on loans secured for specific development projects.
46. Some have expressed concern over our resort to borrowing to finance our fiscal gaps. They are right to be concerned. However, we believe that the debt level of the Federal Government is still within sustainable limits. Borrowings are to specific strategic projects and can be verified publicly.
47. As you are aware, we have witnessed two economic recessions within the period of this Administration. In both cases, we had to spend our way out of recession, which necessitated a resort to growing the public debt. It is unlikely that our recovery from each of the two recessions would have grown as fast without the sustained government expenditure funded by debt.
48. Our target over the medium term is to grow our Revenue-to-GDP ratio from about 8 percent currently to 15 percent by 2025. At that level of revenues, the Debt-Service-to-Revenue ratio will cease to be worrying. Put simply, we do not have a debt sustainability problem, but a revenue challenge which we are determined to tackle to ensure our debts remain sustainable.
49. Very importantly, we have endeavoured to use the loans to finance critical development projects and programmes aimed at improving our economic environment and ensuring effective delivery of public services to our people. We focused on;
50. the completion of major road and rail projects;
51. the effective implementation of Power sector projects;
52. the provision of potable water;
53. construction of irrigation infrastructure and dams across the country; and
54. critical health projects such as the strengthening of national emergency medical services and ambulance system, procurement of vaccines, polio eradication and upgrading Primary Health Care Centres across the six geopolitical zones.

Innovations in Infrastructure Financing

50. In 2022, Government will further strengthen the frameworks for concessions and public private partnerships (PPPs). Capital projects that are good candidates for PPP by their nature will be developed for private sector participation.
51. We will also explore available opportunities in the existing ecosystem of green finance including the implementation of our Sovereign Green Bond Programme and leveraging debt-for-climate swap mechanisms.

Enhancing Revenue Mobilisation

52. Our strategies to improve revenue mobilisation will be sustained in 2022 with the goal of achieving the following objectives:
53. Enhance tax and excise revenues through policy reforms and tax administration measures;
54. Review the policy effectiveness of tax waivers and concessions;
55. Boost customs revenue through the e-Customs and Single Window initiatives; and
56. Safeguard revenues from the oil and gas sector.
57. Distinguished Senators and Honourable Members, I commend you for the passage of the Petroleum Industry Act 2021. It is my hope that the implementation of the law will boost confidence in our economy and attract substantial investments in the sector.

Finance Bill 2022

54. In line with our plan to accompany annual budgets with Finance Bills, partly to support the realization of fiscal projections, current tax and fiscal laws are being reviewed to produce a draft Finance Bill 2022.
55. It is our intention that once ongoing consultations are completed, the Finance Bill would be submitted to the National Assembly to be considered alongside the 2022 Appropriation Bill.

CONCLUSION

56. Mr. Senate President, Mr. Speaker, Distinguished and Honourable Members of the National Assembly, this speech would be incomplete without commending the immense, patriotic, and collaborative support of the National Assembly in the effort to deliver socio-economic development and democracy dividends for our people.
57. I wish to assure you of the strong commitment of the Executive to strengthen the relationship with the National Assembly.
58. Nigeria is currently emerging from a very difficult economic challenge. We must continue to cooperate and ensure that our actions are aimed at accelerating the pace of economic recovery so that we can achieve economic prosperity and deliver on our promises to the Nigerian people.
59. The fiscal year 2022 is very crucial in our efforts to ensure that critical projects are completed, put to use and improve the general living conditions of our people.
60. It is with great pleasure therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2022 Budget Proposals of the Federal Government of Nigeria.
61. I thank you most sincerely for your attention.
62. May God bless the Federal Republic of Nigeria.

LAGOS STATE GOVERNMENT

OFFICE OF THE CHIEF PRESS SECRETARY TO THE GOVERNOR

PRESS RELEASE

SANWO-OLU ENDORSES NIGERIA SKITS INDUSTRY AWARDS

…Lagos To Host Maiden Edition

Lagos State Governor, Mr. Babajide Sanwo-Olu has taken his commitment to the promotion of inclusive society a notch higher as he formally endorsed the Nigeria Skits Industry Awards and gave consent to the nomination of Lagos as the Host City of the first edition.

The Governor said this is in demonstration of his belief that the society will be built with everyone contributing their quota in different ways.

He stated this on Monday when the promoter of the NSIA, Hon Bimbo Daramola paid him a visit at the Lagos House, Marina where he presented the Governor with the Awards insignia.

Governor Sanwo-Olu added that the creative sector continues to be an area of interest to him therefore necessitating the many support for arts development in Lagos State, particularly because Lagos is the entertainment capital of Nigeria, with the State providing the launch pad for many successful artistes and a city of hope, where dreams are realised for the budding ones.

Declaring his love for the emerging Skits Industry, Governor Sanwo-Olu commended the organisers for thinking of giving formal recognition to the artistes who have used the medium of skits to give expression to their various talents.

The Governor said the creativity, passion and determination that they have shown has made skits a significant feature of the Nigerian entertainment landscape, agreeing that giving the skit makers the recognition they have earned is proper and thoughtful.

He urged them to continue to use their talents to promote the wellbeing and the advancement of Lagos and the country at all times, because as great influencers to millions of people they must realise that they also have responsibility to ensure that their talents and creativity is deployed responsibly at all times even as they use the vehicle of humour sometimes to deliver such messages.

SIGNED

GBOYEGA AKOSILE

CHIEF PRESS SECRETARY

OCTOBER 7, 2021

LAGOS STATE GOVERNMENT

OFFICE OF THE CHIEF PRESS SECRETARY TO THE GOVERNOR

PRESS RELEASE

REMORSEFUL TRAFFIC OFFENDERS GET SANWO-OLU’S CLEMENCY TO PAY REDUCED FINES

…Governor pays unscheduled visit to Taskforce office, assesses outfit’s operations

…Warns erring motorists against traffic violation

Respite came the way of some traffic offenders in Lagos State on Wednesday, when Governor Babajide Sanwo-Olu made an unscheduled visit to the holding facility of the Lagos State Environment and Special Offences Enforcement Unit (Task Force) in Alausa.

Sanwo-Olu was at the Task Force’s office for an assessment of the security outfit’s operational activities. But, the sight of people crowding outside the facility caught the Governor’s attention.

They turned out to be offenders waiting to be arraigned in mobile court for various traffic offences.

The offenders surged towards the Governor’s convoy as the fleet moved into the Task Force’s premises. They pleaded with Sanwo-Olu to intervene in their cases.

The Governor took time to ear out the offenders. They all admitted to committing the offences for which their vehicles were seized and begged the Governor for clemency.

Reprimanding the offenders, Sanwo-Olu replied that their explanations were inexcusable, reiterating the State Government’s zero tolerance for traffic offences.

He particularly chided those arrested for driving on one-way, saying their action usually endangered the lives of law-abiding residents. The Governor said it would be out of place to make the offenders escape penalties stipulated to their offences.

Sanwo-Olu directed men of the Taskforce to avail him the full list of all vehicles seized in the last two weeks for traffic offences, granting reduction in the fines for each offence.

He said: “You all (offenders) have admitted to flouting traffic regulations and you are here because you don’t want to be arraigned for your offences in our mobile court. I have requested for the list of all vehicles in this facility and I will be meeting with the Taskforce officers on it. We will still get judgement on your offences but we will grant you the opportunity for reduction in the fines to be paid.

“If I give you this opportunity, you must not be caught again for flouting the traffic rules. The laws are there and no one is above the law. I will intervene to reduce the fines for you and you must be remorseful. Anyone caught again would have his vehicle completely impounded. You must be law-abiding and respect the lives of our fellow citizens.”

The offenders, in excitement, thanked the Governor for the gesture, promising to turn a new leaf and abide by the laws.

Sanwo-Olu made independent findings on the process followed by officers in the Taskforce to arrest, impound and auction vehicles confiscated for traffic violations.

Taskforce chairman, Mr. Shola Jejeloye, a Chief Superintendent of Police (CSP), intimated the Governor with challenges faced by his men in enforcing the traffic laws and getting the offenders prosecuted.

SIGNED

GBOYEGA AKOSILE

CHIEF PRESS SECRETARY

OCTOBER 7, 2021