PRESIDENT BUHARI MEETS FREED KADUNA TRAIN PASSENGERS, THANKS NIGERIAN MILITARY FOR THEIR BRAVE SERVICES

President Muhammadu Buhari on Thursday met with the freed 23 passengers of the March 28, 2022 Abuja-Kaduna train attack at the Nigerian Defence Academy (NDA) hospital in Kaduna.

The President made an impromptu visit to the hospital to see the victims of the train attack after commissioning Cadets of 69 Regular Course (Army, Navy and Air Force) of the NDA, in Afaka, Kaduna State.

Before boarding NAF 001 back to Abuja from the Kaduna International Airport, President Buhari detoured to the hospital, where he also thanked the Nigerian military for their brave services in securing the safe release of the hostages from Boko Haram terrorists.

Members of the Chief of Defence Staff Action Committee, led by Maj.-Gen. Usman Abdulkadir (Rtd), who facilitated the release of the hostages, were present at the hospital.

Others are Maj.-Gen Adamu Jalingo (Rtd), Brig.-Gen. Abubakar Saad (Rtd), Dr. Murtala Ahmed Rufai, Ibrahim Abdulllahi, Amb. Ahmed Magaji and Prof Yusuf Usman, Secretary.

The Chief of Defence Staff, Gen. LEO Irabor had earlier introduced the Committee members and briefed the President.

Garba Shehu

Senior Special Assistant to the President

(Media & Publicity)

October 6, 2022

 

 

 

THE WEST MUST RETURN AFRICA’S STOLEN ASSETS, AS WELL AS ITS ARTEFACTS

– PRESIDENT BUHARI WRITES FOR FINANCIAL TIMES OF LONDON

5th October 2022

Nigerians were delighted by the news this summer that 72 artefacts, known as the Benin Bronzes, held by the Horniman Museum in London were returning home, 125 years after being plundered by British troops. The clamour for repatriation of looted treasures is becoming irresistible.

There was once a similar clamour for the return of Africa’s stolen assets, and I see both as part of the same struggle to bring back to Nigeria what is rightfully ours. Siphoned from the continent by corrupt former leaders, countless billions remain stashed in western bank accounts. Although Nigeria has arguably been the most successful among African nations in securing the return of stolen money, it has recovered only a fraction of what remains in the west.

Earlier this year, Nigeria was forced to take legal action against the UK National Crime Agency, after repeated delays to the return of money taken out of the country in the 1990s by former dictator General Sani Abacha. However, the court case reveals the scale of challenge before us. Abacha is thought to have siphoned off up to $5bn to the west. This case concerned just £150mn.

Given levels of corruption across Africa, there will be concern as to whether funds returned will be used appropriately. But we should not forget that it was through western jurisdictions that the money was laundered in the first place. Not trusting Africans to spend their own money properly echoes the argument that we can’t be trusted to look after our own cultural heritage.

In the case of both looted cultural heritage and stolen assets, western museums and authorities largely seem to agree that the loot should, in principle, be handed back. However, the technicalities of repatriation leave plenty of room for maintaining the status quo.

Museums say that treasures should be returned if it can be proved that they were looted. Of course, they argue, it is a different matter if artefacts were acquired through purchases and other legitimate means. But it is the same museums that are responsible for assessing the provenance of artefacts. They have a vested interest in keeping them, encouraging a lackadaisical approach and murky criteria.

In 2025, a new museum will open to showcase the treasures of the Kingdom of Benin. Designed by Ghanaian-British architect David Adjaye, the Edo Museum of West African Art will sit in Benin City, the former capital of the Edo kingdom. But without the return of more bronzes held in the west, we may struggle to fill the museum.

Nigeria also has an infrastructure gap to fill — as the World Bank and other international development institutions have highlighted. Though my administration has undertaken the largest infrastructure programme since our country gained independence, the hold-up in repatriating stolen assets held in the west will make it difficult to finance new projects that help to alleviate poverty.

In 2017, Switzerland returned $321mn to Nigeria’s Social Investment Programme to fund the national social safety net. Monitored by the World Bank, the money has now been disbursed through conditional cash transfers to 1.9mn of Nigeria’s most vulnerable citizens.

Three years later, the US and the British Channel Island dependency of Jersey returned $311mn to the Presidential Infrastructure Development Fund, managed by the Nigeria Sovereign Investment Authority. The first projects financed by the fund, expressways and bridges, are due to be completed later this year.

With stolen assets, the precise means by which institutions return such funds — whether they deliver them to the state, a government, an ad hoc fund or some other body — elicit endless discussion rather than action. We know corruption persists across Africa, as it does across the world. But we cannot afford to wait for unspecified “progress” to be achieved before this money is released.

Muhammadu Buhari is President of Federal Republic of Nigeria.

 

 

2023 BUDGET SPEECH

Budget of Fiscal Consolidation and Transition Delivered By His Excellency, President Muhammadu Buhari, President, Federal Republic of Nigeria At the Joint Session of the National Assembly, Abuja. Friday, 7TH October, 2022

PROTOCOLS:

I am very pleased to be here today to present the 2023 Budget Proposals at this Joint Session of the National Assembly. This is the last time I will be laying the budget of the Federal Government of Nigeria before the National Assembly.

2. Mr. President; Mr. Speaker: As I address this Joint Session on the Budget for the last time, let me highlight some of the progress that we have made in last seven and half years, in just two important areas of Critical Infrastructure and Good Governance.
3. We have made transformational investments in Infrastructure, notably:
4. Establishing the Infrastructure Corporation of Nigeria (‘InfraCorp’), in 2021, seed capital of N1 trillion from the Central Bank of Nigeria (‘CBN’), the Nigeria Sovereign Investment Authority (‘NSIA’) and the Africa Finance Corporation (‘AFC’);
5. Leveraging finance through the NSIA into the Presidential Infrastructure Development Fund (‘PIDF’) to facilitate the accelerated completion of the Second Niger Bridge, Lagos-Ibadan Expressway and Abuja-Kano Road;
6. Through the Road Infrastructure Tax Credit Scheme pursuant to Executive Order #7 of 2019, incentivised responsible companies to invest billions of Naira in constructing over 1,500km critical roads in key economic corridors. Under this Scheme, the Dangote Group has substantially completed the Reconstruction of 34km Apapa-Oworonshoki-Ojota Expressway and the 43km Obajana-Kabba Road. Similarly, Nigeria LNG Limited is on track to complete the 38km Bodo-Bonny Road and Bridges Project by the end of 2023;
7. Under our Sukuk Bonds scheme, since 2017, over N600 billion has been raised and invested in 941km for over 40 critical road projects nationwide, complement the Ministry of Works and Housing’s Highway Development and Management Initiative and other interventions;
8. Investing significantly to restore our national railways, completing and commissioning the 156km Lagos-Ibadan Standard Gauge Rail (and its 8.72km extension to Lagos Port); the 186km Abuja-Kaduna Standard Gauge Rail; and 327km Itakpe-Warri Standard Gauge Rail. These completed projects complement our ongoing investments in Light Rail, Narrow and Standard Gauge Rail, Ancillary Facilities Yards, Wagon Assembly Plants, E-Ticketing infrastructure as well as the training and development of our rail engineers and other workers;
9. We have completed New Airport Terminals at Lagos, Abuja, Kano and Port Harcourt, and reconstructed the Abuja Airport Runway in its first overhaul since its construction in the early 1980s.
10. Other investments in airports safety facilities, aeronautical meteorological services delivery complement ongoing development of seaports and ancillary infrastructure at the Lekki Deep Sea Port, Bonny Deep Sea Port, Onitsha River Port, as well as the Kaduna, Kano and Katsina Inland Dry Ports to create a truly multimodal transport system;
11. We have transformed Nigeria’s challenging power sector, through bespoke interventions such as the Siemens Power Program, with the German government under which over 2 billion US Dollars will be invested in the Transmission Grid.
12. We have leveraged over billions of US dollars in concessional and other funds from our partners at the World Bank, International Finance Corporation, African Development Bank, JICA as well as through the Central Bank of Nigeria, working with the Finance Ministry, to support the power sector reforms.
13. The Central Bank has also been impactful in its interventions to roll out over a million meters to on-grid consumers, creating much needed jobs in assembly and installation. Our financing interventions have recently been complemented with the takeover of four electricity distribution companies and the constitution of the Board of the Nigeria Electricity Liability Management Company.
14. On the generation side, we have made significant investments in and incremental 4,000MW of power generating assets, including Zungeru Hydro, Kashimbila Hydro, Afam III Fast Power, Kudenda Kaduna Power Plant, the Okpai Phase 2 Plant, the Dangote Refinery Power Plant, and others.
15. Our generation efforts are making the transition from a reliance on oil and diesel, to gas as a transitional fuel, as well as environmentally friendly solar and hydro sources. Under the Energising Education Programme, we have commissioned solar and gas power solutions at Federal Universities and Teaching Hospitals at Kano, Ebonyi, Bauchi and Delta States. Similarly, our Energising Economies Programme has taken clean, sustainable power solutions to the Sabon-Gari Market in Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos.
16. In terms of Good Governance, one significant challenge this Administration met at our inception was the inability of successive Governments to institutionalise reforms to ensure their sustainability. We inherited an archaic set of corporate, banking and capital markets laws; draft but unenacted Bills to reform the critical petroleum sector; an unimplemented Oronsaye White Paper to reform our civil service, amongst others.
17. I was therefore committed, at the onset of this Administration’s Good Governance and Fighting Corruption Reforms, to focus on the much-neglected area of law reform, to bequeath a better legacy to the succeeding Administration, than the one we met. Our innovative, encompassing and historically significant legislative interventions include:
18. Critical corporate and financial laws to enhance our countries’ global competitiveness, including the repeal and re-enactment of Companies and Allied Matters Act (‘CAMA’) 2020 – the first comprehensive reform since 1990; enacting the Federal Competition and Consumer Protection Commission (FCCPC) Bill, the first legislation in Nigeria’s history focused on curbing anti-competition practices; establishing the Federal Competition and Consumer Protection Commission; re-pealing and re-enacting the Banks and Other Financial Institutions Act (BOFIA) 2020; enacting the Asset Management Corporation of Nigeria, AMCON (Amendment) Acts of 2019 and 2021; enacting the Credit Reporting Act (CRA) 2017 and Secured Transactions in Movable Assets Act (STMAA) 2017, to mention our major legislative interventions;
19. Fundamental anti-corruption, anti-money laundering and financial intelligence laws, such as the Nigeria Police Act, 2020 (being the first comprehensive reform of Police legislation since the Police Act of 1943); the Nigerian Financial Intelligence Unit Act 2017 (which resolved the longstanding impediments to Nigeria’s full participation in the global efforts to combat illicit financing of terrorism and crime under the auspices of the global Egmont Group); the Money Laundering (Prevention and Prohibition) Act, 2022; the Terrorism (Prevention and Prohibition) Act 2022, Proceeds of Crime (Recovery and Management) Act, 2022; Mutual Assistance in Criminal Matters Act, 2019; Nigerian Correctional Services Act, 2019; Suppression of Piracy and other Maritime Offences Act, 2019; amongst others.
20. Historic reforms to our Constitutional and other public laws, including the first ever amendments to the Constitution of the Federal Republic of Nigeria to support the engagement of young persons in our politics by passing Not Too Young to Run legislation, as well as to improve the funding and independence of States’ Legislatures and Judiciaries; enacting overdue reforms through the Electoral Act, 2022;
21. Finally enacting into law the Petroleum Industry Act, 2021 after close to two decades of drafting, debates and delays – leading to the commercialization of NNPC Limited, and other much needed reforms to our energy sector. This important law also complements other landmark legislations such as the Deep Offshore and Inland Basin Production Sharing Contracts Act, 1993 (Amendment) Act, 2019, to increase oil and gas revenues accruing to the Federation;
22. Enacting annual Finance Acts of 2019, 2020 and 2021 to support our annual Budgets and respond to emerging tax, fiscal and economic issues, including:
23. reducing headline corporate tax rates for Small and Medium-Sized Enterprises;
24. reforming archaic tax legislation in line with global best practices to combat Base Erosion and Transfer Pricing;

III. reforming the taxation of securities lending and real estate investment trusts to spur increased investments on our capital markets;

1. empowering the Federal Inland Revenue Service and the Nigeria Customs Service to optimize their use of technology to more efficiently collect taxes and levies; and
2. increasing VAT revenues predominantly to support our States and Local Governments’ precious finances during and after the impact of the COVID-19 Pandemic on the economy;
3. Furthermore, we have issued eleven Presidential Executive Orders on a range of important issues, including the Promotion of Transparency and Efficiency in the Business Environment, 2017;
4. Promoting Local Procurement by Government Agencies, 2017;
5. the Submission of Annual Budgetary Estimates by all Statutory and non-Statutory Agencies, including Incorporated Companies wholly owned by the Federal Government of Nigeria, 2017;

III. the Voluntary Assets and Income Declaration Scheme, 2017;

1. Planning and Execution of Projects, Promotion of Nigerian Content in Contracts, Science, Engineering and Technology, 2018;
2. the Voluntary Offshore Assets Regularization Scheme (VOARS), 2018;
3. Open Defecation and enhanced sanitation, 2019;

VII. the innovative Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, 2019; and

VIII. the National Public Buildings Maintenance, 2022.

6. We could not have made these historical achievements without the exceptional partnership this Administration has had with the Leadership, and Members of the National Assembly. So may I pause here, to once again, thank the Senate and the House of Representatives for your engagement, support and contribution to these successes, which history will remember us all favourably for.

RECENT ECONOMIC DEVELOPMENTS

7. The 2023 Budget was prepared amidst a very challenging world economy that is weakened by the lingering effects of the COVID-19 pandemic, high inflation, high crude oil prices resulting in huge cost of PMS Subsidy and negative spill over effects of the Russia-Ukraine war.
8. Many economies around the world are currently contending with fiscal instability, slow growth, food crisis, and high interest rates. Like many other countries, our economy faces headwinds from low revenues, high inflation, exchange rate depreciation and insecurity.
9. However, Nigeria’s real Gross Domestic Product grew by 3.54 percent in the second quarter of 2022, marking the seventh consecutive quarter of growth. Our interventionist and reflationary measures have been very effective and impactful. We must however continue to work towards achieving much higher levels of growth, especially given our high population growth rate, so that the average Nigerian can truly feel the impact of planned economic growth
10. Distinguished Senators and Honourable Members, despite continuing efforts, unemployment, underemployment, and poverty rates remain high. We are currently implementing several skills development programmes and work opportunity programmes to enhance the employability of our youths and tackle the troubling level of youth unemployment.
11. While it is evident that our economy still faces significant challenges, what could have happened without the implementation of some of the measure we introduced, would have been much worse for the country.

REVIEW OF 2022 BUDGET IMPLEMENTATION

12. Distinguished and Honourable Members of the National Assembly, the implementation of the 2022 ‘Budget of Economic Growth and Sustainability commenced on the first day of the year. It was, however, necessary to forward an amended budget proposal to address some exigent issues, especially the significant increase in fuel subsidy.
13. The amended 2022 Budget was based on a benchmark oil price of 73 US Dollars per barrel, oil production of 1.60 million barrels per day, and exchange rate of 410.15 Naira to US Dollar.
14. As at 31st July 2022, Federal Government’s retained revenues was 3.66 trillion Naira, excluding the revenue of Government-Owned Enterprises. Thus, revenue collection was only 63 percent of our target, largely due to the underperformance of oil and gas revenue sources.
15. Despite higher oil prices in 2022, oil revenue was below target due to significant oil production shortfalls and high petrol subsidy cost resulting from the significant rise in Crude prices which ultimately increased PMS prices worldwide.
16. Oil output stood at an average of 1.30 million barrels per day as at June 2022, while the sum of 1.59 trillion Naira was spent on fuel subsidy between January and June 2022. The NNPC, working in collaboration with security and other relevant agencies, is putting in place additional measures to curb the incidence of pipeline vandalism and crude oil theft in order to meet our crude oil production quota.
17. On the expenditure side, the sum of 8.29 trillion Naira had been spent by July 31 2022 out of the total appropriation of N17.32 trillion. Despite our revenue challenges, we have consistently met our debt service commitments. Staff salaries and statutory transfers have also been paid as and when due.
18. Total non-debt recurrent expenditure in January to July 2002 was 3.24 trillion Naira, of which 2.87 trillion Naira was for Salaries, Pensions and Overheads. A total of 3.09 trillion Naira was spent on debt service obligations during the period.
19. Furthermore, about 1.48 trillion Naira had been released to MDAs for capital expenditure as at the end of July 2022. I am pleased to inform you that we expect to fund MDAs’ capital budget fully by the end of the fiscal year 2022.
20. To further address structural problems in the economy and drive growth, capital releases thus far have been prioritised in favour of critical ongoing projects in the power, roads, rail, agriculture, as well as health and education sectors.
21. As at the end of July 2022, the fiscal operations of the Federal Government resulted in an estimated budget deficit of 4.63 trillion Naira. This represents 63 percent of the estimated deficit for the full year. This is largely attributable to revenue shortfalls and higher debt service obligations resulting from rising debt levels and interest rates.
22. The deficit was mainly financed through domestic borrowing amounting to N4.12 trillion. Hence, total public debt stock increased from 39.6 trillion Naira as at the end of December 2021 to 42.8 trillion Naira as at the end of June, 2022.
23. However, our debt position remains within cautious and acceptable limits compared to peer countries. As at the end of June 2022, total public debt is within our self-imposed limit of 40 percent of GDP, which is significantly below the 55 percent international threshold for comparator countries, and a global average of 99 percent post-COVID-19.
24. Nonetheless, our debt-service-to-revenue ratio needs close attention. The current low revenue performance of government, as reflected in the lowly revenue-to-GDP ratio of just about 8 percent. Our medium-term objective remains to raise this ratio to 15 percent, at which the debt service to revenue ratio will cease to be a concern.
25. Mr. Senate President and Rt. Honourable Speaker, revenue shortfalls remain the greatest threat to Nigeria’s fiscal viability. We have therefore accelerated efforts towards ensuring that all taxable Nigerians declare income from all sources and pay taxes due to the appropriate authorities. We are also monitoring the internally generated revenues of MDAs to ensure they are appropriately accounted for and remitted to the Consolidated Revenue Fund.
26. The 50 percent cost-to-income ratio in the Finance Act 2020 has significantly improved operating surplus remittances by Government Owned Enterprises (GOEs). I therefore solicit the continuing cooperation of the National Assembly in enforcing the legal provision and other prudential guidelines imposed on the GOEs during the consideration of the budget proposals of the GOEs.
27. I am happy to report that the revenue collection and expenditure management reforms we are implementing are yielding positive results, with recent significant improvements in non-oil revenue performance. However, while we continue to implement revenue administration reforms and improve our collection efficiency, we urgently need to find new ways of generating revenue.
28. As we seek to grow our government revenues, we must also focus on the efficiency of utilization of our limited resources. Critical steps we are taking include immediate implementation of additional measures towards reducing the cost of governance and the discontinuation of fuel subsidy in 2023 as announced earlier. We are however mindful of the fact that reducing government spending too drastically can be socially destabilizing, and so will continue to implement programmes to support the more vulnerable segments of society.
29. Petrol subsidy has been a recurring and controversial public policy issue in our country since the early eighties. However, its current fiscal impact has clearly shown that the policy is unsustainable. As a country, we must now confront this issue taking cognizance of the need to provide safety nets to cushion the attendant effects on some segments of society.

RECENT ACHIEVEMENTS

30. Over the last year, this Administration has implemented several priority projects. Our focus has been on the completion of key road and rail projects; the effective implementation of power sector projects; the provision of clean water; construction of irrigation infrastructure and dams across the country; and critical health projects such as upgrading Primary Health Care Centres across the six geopolitical zones.
31. We have also gone further on the implementation of 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.
32. In the determination to ramp up grid electricity supply to at least 7,000 megawatts by 2024, we have procured purpose-built critical power equipment under the Presidential Power Initiative with Siemens as we promised. These projects will have multiplier effects on the economy.
33. Under the Road Infrastructure Tax Credit Scheme, we are undertaking the construction and rehabilitation of about two thousand kilometres of roads and bridges, nationwide, to be financed by the grant of tax credits to investing private companies.
34. As I mentioned earlier, we have made appreciable progress in the rehabilitation and reconstruction of key road networks like the Lagos – Ibadan expressway, Abuja-Kaduna-Kano expressway and East-West Road in Niger Delta. Work has also reached completion stage on the Apapa – Oworonsoki expressway, Loko-Oweto Bridge and the Second Niger Bridge. We hope to commission these projects before the end of our tenure in 2023.
35. Furthermore, we have awarded several contracts to rehabilitate, reconstruct and construct major arterial roads to reduce the hardship to commuters and increase economic activity.
36. Regarding personnel costs, we have extended the coverage of the Integrated Payroll and Personnel Information System (IPPIS) to all MDAs to automate personnel records and the process by which salaries are paid and eliminate the incidence of ghost workers. The system is currently being reviewed to enhance its functionality and applicability to MDAs in the different sectors.
37. Distinguished Senators and Honourable Members, although we have recorded more achievements over the last year, I will now proceed with an overview of the 2023 Budget proposal.

THEME AND PRIORITIES OF THE 2023 BUDGET

38. The 2023 Budget proposal is the eighth and final budget of this Administration. It reflects the serious challenges currently facing our country, key reforms necessary to address them, and imperatives to achieve higher, more inclusive, diversified and sustainable growth.
39. The expenditure policy of Government in 2023 is designed to achieve the strategic objectives of the National Development Plan 2021 to 2025, including macroeconomic stability; human development; food security; improved business environment; energy sufficiency; improving transport infrastructure; and promoting industrialization focusing on Small and Medium Scale Enterprises.
40. Against the backdrop of the challenging global and domestic economic environment, it is imperative that we strengthen our macroeconomic environment and address subsisting challenges as a country. The 2023 Appropriation therefore is a Budget of Fiscal Sustainability and Transition. Our principal objective in 2023 is to maintain fiscal viability and ensure smooth transition to the incoming Administration.

2023 BUDGET PARAMETERS AND FISCAL ASSUMPTIONS

41. Distinguished Members of the National Assembly, the 2023 to 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper sets out the parameters for the 2023 Budget as follows:
42. Oil price benchmark of 70 US Dollars per barrel;
43. Daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day);
44. Exchange rate of 435.57 Naira per US Dollar; and
45. Projected GDP growth rate of 3.75 percent and 17.16 percent inflation rate.

2023 REVENUE ESTIMATES

42. Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 16.87 trillion Naira in 2023.
43. Total federally distributable revenue is estimated at 11.09 trillion Naira in 2023, while total revenue available to fund the 2023 Federal Budget is estimated at 9.73 trillion Naira. This includes the revenues of 63 Government-Owned Enterprises.
44. Oil revenue is projected at 1.92 trillion Naira, Non-oil taxes are estimated at 2.43 trillion Naira, FGN Independent revenues are projected to be 2.21 trillion Naira. Other revenues total 762 billion Naira, while the retained revenues of the GOEs amount to N2.42 trillion Naira.
45. The 2023 Appropriation Bill aims to maintain the focus of MDAs on the revenue side of the budget and greater attention to internal revenue generation. Sustenance of revenue diversification strategy would further increase the non-oil revenue share of total revenues.

PLANNED 2023 EXPENDITURE

46. A total expenditure of 20.51 trillion Naira is proposed for the Federal Government in 2023. This includes 2.42 trillion Naira spending by Government-Owned Enterprises. The proposed 20.51 trillion Naira 2023 expenditure comprises:
47. Statutory Transfers of N744.11 billion;
48. Non-debt Recurrent Costs of N8.27 trillion;
49. Personnel Costs of N4.99 trillion;
50. Pensions, Gratuities and Retirees’ Benefits of N854.8 billion;
51. Overheads of N1.11 trillion;
52. Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers;
53. Debt Service of N6.31 trillion; and
54. Sinking Fund of N247.73 billion to retire certain maturing bonds.

FISCAL BALANCE

47. We expect total fiscal operations of the Federal Government to result in a deficit of 10.78 trillion Naira. This represents 4.78 percent of estimated GDP, above the 3 percent threshold set by the Fiscal Responsibility Act 2007.
48. As envisaged by the law, we need to exceed this threshold considering the need to continue to tackle the existential security challenges facing the country.
49. We plan to finance the deficit mainly by new borrowings totalling 8.80 trillion Naira, 206.18 billion Naira from Privatization Proceeds and 1.77 trillion Naira drawdowns on bilateral/multilateral loans secured for specific development projects/programmes.
50. Over time, we have resorted to borrowing to finance our fiscal gaps. We have been using loans to finance critical development projects and programmes aimed at further improving our economic environment and enhance the delivery of public services to our people.
51. As you are aware, we have witnessed two economic recessions within the period of this Administration. A direct result of this is the significant decline in our revenue generating capacity.
52. In both cases, we had to spend our way out of recession, resulting in higher public debt and debt service. It is unlikely that our recovery from each of the two recessions would have been as fast without the sustained government expenditure funded by debt.

FINANCE BILL 2022

53. 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/regulations are being reviewed to produce a draft Finance Bill 2022.
54. It is our intention that once ongoing consultations are completed, the Finance Bill 2022 would be submitted to the National Assembly to be considered alongside the 2023 Appropriation Bill.

ENSURING FISCAL SUSTAINABILITY

55. To ensure fiscal sustainability, we will further improve our business-enabling environment, accelerate current revenue-based fiscal consolidation efforts and strengthen our expenditure and debt management.

BUDGET OF GOVERNMENT-OWNED ENTERPRISES

56. Distinguished Senators, Honourable Members, you may recall that we earlier integrated the budget of Government-Owned Enterprises into the FGN’s 2019 budget submission. This has helped to enhance the comprehensiveness and transparency of the FGN budget. It has however come to my attention that Government-Owned Enterprises liaise directly with relevant NASS committees to have their budget passed and issued to them directly.
57. I would like to implore the leadership of the National Assembly to ensure that the budget I lay here today, which includes those of the GOEs, be returned to the Presidency when passed. The current practice where some committees of the National Assembly purport to pass budgets for GOEs, which are at variance with the budgets sanctioned by me, and communicate such directly to the MDAs is against the rules and needs to stop.

FINANCING INFRASTRUCTURE GAP

58. Nigeria requires a huge outlay of resources to close current infrastructure gaps and boost its economic performance. Government will develop projects that are good candidates for Public Private Partnership (PPP) by their nature for private sector participation.

BUDGET PROCESS BILL 2022

59. Distinguished Senators, Honourable Members, ladies and gentlemen. Over the course of this Administration, we have embarked on a number of reforms in the Public Finance Management space. These reforms are bearing fruits and we have seen some of the benefits of the return to a predictable January to December fiscal year for the FGN budget.
60. Earlier this year, I was briefed of the impressive performance of Nigeria in the Open Budget Survey, as the third best or most improved country in the world, matching the global average score in budget transparency and exceeding the global average in public participation.
61. I commend the Budget Office of the Federation and the Supervising Ministry of Finance Budget and National Planning, the National Assembly Leadership, the relevant Appropriation and Finance Committees as well as non-state actors who have worked tirelessly in pushing for greater transparency and accountability in our budget process.
62. We need to sustain and institutionalize the gains of these reforms. To this end, I have directed the Minister of Finance, Budget and National Planning to immediately work on mainstreaming these reforms and work with the National Assembly on passing an Organic Budget Law, which I hope to assent to before the end of this Administration.

HUMAN CAPITAL DEVELOPMENT

63. The Government notes with dismay the crisis that has paralysed activities in the public universities in the country. We expect the staff of these institutions to show a better appreciation of the current state of affairs in the country. In the determined effort to resolve the issue, we have provided a total of 470.0 billion in the 2023 budget from our constrained resources, for revitalization and salary enhancements in the tertiary institutions.
64. Distinguished Senators and Honourable members, it is instructive to note that today Government alone cannot provide the resources required for funding tertiary education.
65. In most countries, the cost of education is jointly shared between the government and the people, especially at the tertiary level. It is imperative therefore that we introduce a more sustainable model of funding tertiary education.
66. The Government remains committed to the implementation of agreements reached with staff unions within available resources. This is why we have remained resolute that we will not sign any agreement that we would be unable to implement. Individual institutions would be encouraged to keep faith with any agreement reached in due course to ensure stability in the educational sector.
67. Government is equally committed to improving the quality of education at other levels. Recently, we implemented various incentives aimed at motivating and enhancing teachers’ development in our schools.
68. In the health sector, the Government intends to focus attention on equipping existing hospitals and rehabilitating infrastructure. Emphasis will also be on local production of basic medicines/vaccines.
69. As human capital is the most critical resource for national development, our overall policy thrust is to expand our investment in education, health and social protection.

WOMEN’S EMPOWERMENT

70. To harness the potentials of all Nigerian women and enable them to productively contribute to the economy, we will continue to prioritise women’s empowerment programmes across various MDAs in 2023.

FOOD PRICES

71. Government is very concerned about the high food prices in the country. Various measures are being implemented to address structural factors underlying the issue. We will also step-up current efforts aimed at boosting food production and distribution in the country. You will recall our efforts in improving production of fertilizer, rice, maize cassava among other earlier initiatives.

BOOSTING MANUFACTURING PERFORMANCE

72. Government is not unaware of the challenges confronting the manufacturing sector. We will ensure effective implementation of policy measures aimed at positioning the manufacturing sector to generate more foreign exchange in the near future. We are also committed to improving the business environment to stimulate local and foreign investment.

SAFE SCHOOLS INITIATIVE

73. We ratified the Safe Schools Declaration in 2019. We remain committed to the effective implementation of our Safe Schools Policy. A total of 15.2 billion Naira has been specifically provided in the 2023 Budget to scale up current measures to provide safer and conducive learning environment in our schools.

DEFENCE AND INTERNAL SECURITY

74. The Government remains firmly committed to the security of life, property and investment across the country. Accordingly, defence and internal security continue to be accorded top priority in 2023. Current efforts to properly equip and motivate our valiant personnel in the armed forces, police and paramilitary units will be sustained.
75. I assure you, insecurity, especially banditry and kidnapping, will be significantly curtailed before the end of this Administration. We will redouble our efforts to ensure we leave a legacy of a peaceful, prosperous and secured nation.
76. Mr. Senate President, Mr. Speaker, Distinguished and Honourable Members of the National Assembly, let me conclude my address today by again expressing my deep appreciation for your enormous support, patriotic zeal, and cooperation in our efforts to accelerate the socio-economic development of our country and improve the lives of our people.
77. I appreciate the efforts and commitment of the leadership and staff of the Federal Ministry of Finance, Budget and National Planning, especially the Budget Office of the Federation, who have worked hard to achieve early submission of the 2023 Appropriation Bill.
78. The 2023 budget proposal is a product of inter-agency collaboration, extensive stakeholder consultations and productive engagements. I would therefore like to acknowledge the efforts of the media, the organized private sector, civil society organizations and our development partners for their contributions in the process of preparing the Budget.
79. Considering the challenging situation in our country presently, we must continue to cooperate and collaborate to ensure fiscal sustainability, macroeconomic stability and smooth transition to the incoming Administration.
80. This Administration remains resolutely committed to our goals of improving the living standard of our people and effective delivery of public services.
81. Distinguished and honourable members of the National Assembly, although no single government can solve all the problems of a country during its own tenure, I have no doubt that you share our aspiration that the 2023 transition budget is designed to address critical issues and lay a solid foundation for the incoming Administration.
82. It is with great pleasure therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2023 Budget Proposals of the Federal Government of Nigeria.

I thank you most sincerely for your attention. May God bless the Federal Republic of Nigeria.

 

 

MAULUD: PRESIDENT BUHARI URGES MUSLIMS TO IMBIBE THE NOBLE VIRTUES OF PROPHET MUHAMMAD

President Muhammadu Buhari has urged Muslims to “practice the noble and shining virtues of the Prophet Muhammad” saying that “the best way to honour him is to follow his good examples.”

In his goodwill message to Muslims on the occasion of Maulud to celebrate the birthday of the Prophet Muhammad, the President explained that “the prophet became famous for his life of humility, justice and fairness.”

According to President Buhari, “the Prophet attracted people to Islam through personal examples of honesty, trustworthiness, justice, patience and tolerance.”

He explained that the Prophet demonstrated “a remarkable life of patience under provocation and honoured treaties with non-Muslims for peaceful coexistence.”

President Buhari added that “honesty was one of Muhammad’s greatest virtues and every good Muslim should follow his examples.”

The President used the occasion to call on all Nigerians to join the government in on-going efforts to eradicate insecurity and corruption; to increase their respect for women, children and the less able; and to show love and understanding for one another.

He also urged politicians, in this season of elections, to avoid using expletives and cuss words, and to avoid the unwanted culture of demeaning and humiliating opponents.

The President promised again, that he will ensure free, fair and transparent elections in 2023.

Garba Shehu

Senior Special Assistant to the President

(Media & Publicity)

October 7, 2022

 

 

 

USING TECHNOLOGY, WE’LL TAP OUR SEABED RESOURCES, SAYS PRESIDENT BUHARI

Nigeria has strategic mineral resources in its seabed, which will be exploited through adequate deployment of technology, President Muhammadu Buhari has said.

The President spoke Friday at State House, Abuja, while playing host to Mr Michael Lodge, Secretary-General of the International Seabed Authority, who was attending a workshop on Africa Deep Sea Resources in Abuja.

He said resources would be deployed, and studies done, believing it would be worth the while.

The President also used the occasion to applaud the Nigerian Navy for its role in protecting the country’s maritime domain, urging it to “continue to guard us jealously.”

Mr Lodge thanked Nigeria for hosting the international workshop, and lauded the country for the leadership it provides on the African continent.

He encouraged the country to explore her deep seabed resources “to support the blue economy,” and pledged solidarity with Nigeria during his administration as the Secretary-General.

Femi Adesina

Special Adviser to the President

(Media and Publicity)

October 7, 2022

 

 

FLOODING: PRESIDENT BUHARI MEETS WITH LEADERSHIP OF GOVERNORS’ FORUM, PLEDGES INTERVENTION

Governors under the auspices of Nigeria Governors’ Forum (NGF) have been encouraged to meet with the Minister of Water Resources, who has “worked hard on dams and water resources in the country,” fashion out solutions, and then escalate their conclusions to the Federal Government, to alleviate the plight of people currently being ravaged by flood round the country.

President Muhammadu Buhari gave the counsel at State House, Abuja, Friday, while playing host to the outgoing Chairman of NGF, Dr Kayode Fayemi of Ekiti State, the incoming Interim Chairman, Aminu Waziri Tambuwal of Sokoto State, and the Interim Deputy Chairman, Atiku Bagudu of Kebbi State.

The Governors had told the President that lives have been lost, homes and farmlands washed away in States like Kogi, Yobe, Jigawa, and many others, and asked for Federal Government intervention in terms of special funding.

President Buhari said after the engagement with the relevant Minister, a report should be sent in, “and we will see what to do.”

Governor Fayemi, who exits office in about nine days, personally thanked the President for support to him as Ekiti State helmsman, and for the governors collectively.

“You always accorded us due regard. You accommodated us, and listened to our pleas. You were always there for us when we had challenges, either individually, or collectively. We owe you a debt of gratitude,” the outgoing NGF Chairman said.

Gov Tambuwal said the flooding creates a frightening scenario for food security, “and we need to plan ahead for dry season farming,” while Gov Bagudu counseled that it was not the time to squeeze credit for the agricultural sector because of the peculiar challenges.

Femi Adesina

Special Adviser to the President

(Media and Publicity)

October 7, 2022

 

 

 

Adebola Williams Awarded Choiseul 100 Africa Laureate for the 4th Year in a Row; Listed Top 100 Young Business Leaders in Africa

 

Chairman of AW Networks and Co-Founder RED | For Africa, Adebola Williams has been named by Institut Choiseul, a Paris-based organisation dedicated to the analysis of contemporary strategic issues and international economic questions, as one of the Choiseul 100 Africa Laureates for the 4th consecutive year.

 

Choiseul 100 Africa is an annual list showcasing vibrant and innovative young leaders under 40 who continue to play a major role in Africa’s socio-economic development. The 2022 list tagged ‘Top 100 Young Business in Africa’ places a beaming spotlight on 100 of Africa’s most talented young leaders positively disrupting all sectors of the continent, displaying an enormous wealth of business savvy and intellectual prowess that will drive Africa towards a prosperous future.

 

“I am honoured to be selected in the #Choiseul100Africa 2022 ranking, and recognised as one of the drivers of socio-economic development on the continent,” said Adebola Williams. “I’m delighted to be recognised with other notable personalities leading the vanguard for a new Africa and inspiring the next generation to create positive impact that accelerates the growth of the continent across sectors.”

 

Adebola Williams who has been profiled by Forbes and CNN as the man who helped elect a trifecta of Presidents in Africa, is strategic counsel to several CEOs and HNIs across the continent. His recently launched media investment company, AW Networks has in the last 10 months invested in two major African films in the cinemas and on Amazon Prime, and currently working on others set for release in Q1 2023. His new book African Power Girls which chronicle the lives of great African women is a must read for young girls on the continent.

 

“Often people do not acknowledge the power media wields in driving the forces that shape our world. We clearly recognise its impact, that’s why it remains the cornerstone of our drive to inspire youth, enable businesses, and create jobs,” Williams concluded.

 

Choiseul 100 Africa is a annual study conducted independently by the Institut Choiseul to evaluate the work and impact of promising individuals within the period under review. The organisation carries out this study through its various experts and specialists on the continent, resulting in a list of powerful and influential individuals that are reshaping the African economy.

 

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About Adebola Williams

 

Adebola Williams is the Chairman, AW Network and Co-founder of RED | For Africa, the continent’s largest portfolio of youth-focused media brands including Red Media Africa, StateCraft Inc., The Future Awards Africa, and Y!/YNaija.com.

A pioneer at the intersection of media, democracy, and social change, Adebola has been profiled by Forbes and CNN as the man who helped elect a trifecta of Presidents in Africa.

He co-founded Enough is Enough (EiE), Nigeria’s foremost civic participation platform and a premier voice for young people on politics. He later resigned as the board chairman to steer the rebranding of the current Nigerian president, Muhammadu Buhari through a re-aligned national discourse and optimized media engagement, changing longstanding perceptions and swaying the elections.

Right after, he and his team went on to help Ghana’s opposition candidate Nana Akufo-Addo win the presidency on his third attempt, and also President Macky Sall of Senegal to extend his presidency into a second term.

His work in corporate marketing and communication across different sectors has earned him and Red Media Africa several awards including SABRE, LaPriga, Marketing Edge, Young Cannes and the C4F Marketing awards in Davos.

A Young Global Leader of the World Economic Forum, Arch Bishop Desmond Tutu Fellow, Mandela Washington Fellow, British Council global change-maker, amongst other prestigious fellowships, Adebola is a recipient of the CNBC Young Business Leader of the Year award for West Africa and named as one of 100 Most Influential People of African Descent under the United Nations international decade for people of African descent. A social media sensation, he routinely engages a social media audience of over 360,000 people.

Adebola sits on boards of ZedCrest Capital as a Non. Executive Director, United Nations Generation Unlimited (GenU) as a Global Champion, awarded the Outstanding African Business Leader Awards in 2022 by African Leadership Magazine UK and recently named a Global Patron for Malaria No More UK.

 

 

 

PARAMOUNT CONSUMER PRODUCTS AND NICKELODEON ANNOUNCE LAUNCH OF GLOBAL OCEAN CONSERVATION AND SUSTAINABILITY INITIATIVE SPONGEBOB SQUAREPANTS: OPERATION SEA CHANGE  

 

Multi-Year Campaign to Launch with Multiple Non-Profit and Consumer Products Partners

 

Paramount Consumer Products and Nickelodeon announced the launch of SpongeBob SquarePants: Operation Sea Change, a brand-new global ocean conservation and sustainability initiative. Through partnerships with several non-profit organisations, SpongeBob SquarePants: Operation Sea Change aims to help remove and divert five million pounds of ocean plastic over the next four years by funding cleanup projects. At the same time, Paramount Consumer Products will work with current SpongeBob SquarePants consumer products partners to drive more sustainable practices and reduce single-use plastic in products, and curate partnerships with new brands to create innovative product lines. Additionally, the initiative will engage millions of SpongeBob fans around the world with on-the-ground events and educational resources that connect them with ways to become a part of the movement and take action in their own communities.

 

“Since its debut almost 25-years ago, SpongeBob SquarePants has become globally beloved for its contagious optimism and irreverent humour, but at its core the series has always had an intrinsic connection to the sea leading us to launch SpongeBob SquarePants: Operation Sea Change to help protect the home of the very creatures that inspired Bikini Bottom,” said Veronica Hart, Executive Vice President, Global Franchise Planning, Paramount Consumer Products. “With this initiative not only are we funding change but reinventing how we do business by creating a connected global effort around sustainability, while also being afforded the opportunity to honor the legacy of the incomparable Stephen Hillenburg, Marine Biologist and SpongeBob SquarePants creator, who was so deeply committed to preserving our oceans and marine life.”

 

At launch, the program will mobilize a network of global non-profit partners that further the goals of SpongeBob SquarePants: Operation Sea Change. These efforts, which have been funded through grants from the SpongeBob SquarePants: Operation Sea Change Fund at Tides Foundation, aim to help protect the ocean from plastic pollution and biodiversity loss through on-the-ground clean-up events in cities around the world. Paramount Consumer Products will also work with licensing partners to launch SpongeBob branded products that feature zero or reduced single-use plastic and rally consumers to get active through education and information about conservation-focused organizations they can support.

 

Non-profit launch partners include:  

Waterfront Partnership of Baltimore – The Waterfront Partnership of Baltimore, in collaboration with Maryland-based government, business and community partners, is dedicated to cleaning and beautifying Baltimore’s waterways. The SpongeBob SquarePants: Operation Sea Change Fund will support the Waterfront Partnership’s Healthy Harbor initiative to sponsor trash collection activities through 2023.

 

Coral Restoration Foundation – Headquartered in Key Largo, Florida, the Coral Restoration Foundation was founded in response to the wide-spread loss of the dominant coral species on Florida’s Coral Reef. Since 2007 they have been working to turn the tide for this critical ecosystem, and the SpongeBob SquarePants: Operation Sea Change Fund will support their coral restoration efforts through 2023.

 

Plastic Oceans International – This non-profit organization’s goal is to foster sustainable communities and to end plastic pollution worldwide. They operate with the belief that they can and must act locally to create change globally, which they do through their four pillars of education, activism, advocacy and science. The SpongeBob SquarePants: Operation Sea Change Fund will help fund plastic clean-up projects in Brazil, Philippines, Mexico, Cameroon and Germany.

 

Surfers Against Sewage – Surfers Against Sewage is a grassroots environmental charity that campaigns to protect the ocean and all it makes possible. It was created in 1990 by a group of Cornish surfers, fighting to clean up the sea that was making them sick. Now, this UK-based marine conservation charity campaigns on all that threatens the ocean – plastic pollution, climate emergency, industrial exploitation and water quality – taking action on the ground that triggers change from the top. The SpongeBob SquarePants: Operation Sea Change Fund will support the organization’s Million Mile Clean, the most ambitious clean campaign to date, mobilizing over 100,000 people to clean 1 million miles of blue, green and urban spaces in the UK annually.

 

WORK – This organization supports waste collectors who recycle plastic, helping them earn a dignified income, while diverting waste otherwise destined for oceans and landfills. The SpongeBob SquarePants: Operation Sea Change Fund will help fund responsible collection efforts in Haiti. Additionally, Paramount will collaborate with WORK to channel first mile ocean-bound plastic material into the licensed consumer products supply chain, contributing to a more circular economy while cleaning up the environment.

 

Below are Consumer Products partners launching in 2022 and early 2023:

AKUA – This New England-based company is on a mission to create a platform of delicious and nutritious products from a new and exciting form of food agriculture: regenerative ocean farming. AKUA and SpongeBob SquarePants: Operation Sea Change will be teaming up in 2023 to launch a branded kelp patty that will feature reduced plastic packaging.

 

Conscious Step – This Brooklyn, New York-based company designs and sells sustainably made socks, sweatshirts and candles that benefit leading non-profits around the world.  Each item is uniquely designed and embroidered to raise awareness for the associated cause, with a portion of the proceeds being donated to provide a quantified change. This fall, a line of SpongeBob SquarePants branded apparel will launch, with a portion of proceeds to be donated to Oceana, a non-profit ocean conservation organization.

 

Munro Footwear Shoes – This Australia-based company designs and sells shoes for boys and girls. Launching in early 2023, Munro Shoes will roll out a SpongeBob SquarePants branded collection that uses reclaimed leather and features recycled packaging that uses no plastic. These will be launching Australia-wide in all Williams and Mathers stores.

 

Seaesta Surf – This sustainable beachwear brand for kids launched the Seaesta X SpongeBob collaboration earlier this summer and will be expanding the partnership and joining the SpongeBob SquarePants: Operation Sea Change movement in 2023. Details will be announced at a later date.

 

Waterlust – A purpose-driven apparel company that uses clothing to educate, inspire and support consumers in living a more environmentally responsible life. They will be launching a line of products featuring recycled fabrics made from post-consumer bottles. The collection will also have a donation to the Ocean Institute in California to support their K-12 marine science education program.

 

Additionally, the Nickelodeon brand will use the full power of its multimedia ecosystem to galvanize the SpongeBob SquarePants: Operation Sea Change movement across its social, digital and linear channels. Fans can also log onto www.SpongeBobOperationSeaChange.com for more information about the initiative and its partners.

 

In 2023, the initiative will expand to include: new partnerships and products, additional short-form content that will help educate fans on the ocean plastic crisis and on-the-ground clean-ups and activations that will allow fans to get involved. Further details will be announced at a later date.

Since its launch July 17, 1999, SpongeBob SquarePants has reigned as the most-watched animated series for 22 consecutive years, while generating a universe of beloved characters, pop culture catchphrases and memes, theatrical releases, consumer products, a Tony award-winning Broadway musical and a global fan base. SpongeBob SquarePants is one of the most widely distributed properties in Paramount International history, seen in more than 170 countries, translated in 29+ languages, and averaging more than 100 million total viewers every quarter. SpongeBob SquarePants was created by Stephen Hillenburg and produced by Nickelodeon in Burbank, Calif.  The character-driven cartoon chronicles the nautical and sometimes nonsensical adventures of SpongeBob, an incurable optimist and earnest sea sponge, and his undersea friends.

 

Paramount Consumer Products oversees all licensing and merchandising for Paramount (Nasdaq: PARA, PARAA), a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, Paramount Consumer Products’ portfolio includes a diverse slate of brands and content from BET, CBS (including CBS Television Studios and CBS Television Distribution), Comedy Central, MTV, Nickelodeon, Paramount Pictures and Showtime. With properties spanning animation, live-action, preschool, youth and adult, Paramount Consumer Products is committed to creating the highest quality product for some of the world’s most beloved, iconic franchises. Additionally, Paramount Consumer Products oversees the online direct-to-consumer business for CBS and Showtime programming merchandise, as well as standalone branded ecommerce websites for Star Trek, SpongeBob, South Park, and MTV.