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2019 Polls to Cost N242bn, Buhari Tells National Assembly

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President Muhammadu Buhari has presented a supplementary budget to the National Assembly in which he sought the approval of N164bn out of the N242bn budgeted for the 2019 general elections.

Buhari said the Independent National Electoral Commission and security agencies would need N242bn for the elections, asking the legislature to provide N164bn through virement in the 2018 budget or supplementation, while the balance of N78bn would be covered by the 2019 budget.

Buhari, in his letter to the National Assembly, titled, ‘Request for virement and supplementary 2018 budget,’ specifically asked the legislature to re-allocate part of the N578bn voted to the projects inserted into the 2018 Appropriation Act by the lawmakers to fund the elections and critical infrastructure.

The President specifically asked the legislature not to increase the current size of the 2018 Appropriation Act from N9.21tn but to vire N228bn from the N578bn to the elections as well as the critical projects as earlier proposed by the executive in the 2018 Appropriation Bill.

President of the Senate, Bukola Saraki, read the proposal at the plenary on Tuesday.

INEC to spend N189.2bn; NSAO, N4.2bn;   DSS, N12bn;  NSDC,  N3.5bn; Police, N30.5bn; NIS;  2bn

Giving the breakdown of the running costs for the polls, Buhari said INEC needed N143, 512, 529, 445 for 2018 supplementary and N45, 695, 015,438 in 2019 budget, totalling N189, 207, 544, 893.

He said the Office of the National Security Adviser needed N3,855,500,000 for 2018 supplementary and N426,000,000 in 2019 budget, amounting to N4,281,500,000.

The Department of State Services wants N2,903,638,000 as 2018 supplementary and N9,309,644,455 in 2019 budget, totalling N12,213,282,455.

The Nigeria Security and Civil Defence Corps requires N1,845,597,000 as 2018 supplementary and N1,727,997,500 in the 2019 budget, totalling N3,573,534,500.

Also, the Nigeria Police needs N11,457,417,432 as 2018 supplementary and N19,083,900,000 in 2019 budget, to get a total of N30,541,317,432.

The Nigeria Immigration Service also needs N2,628,143,320, out of which N530, 110,078 would come from 2018 supplementary and N2, 098,033,142 from the 2019 budget.

Buhari said, “As you are aware, the 2019 general election is scheduled to be conducted early in 2019. To ensure that adequate arrangements are made for free and fair elections, it has become necessary to appropriate funds to enable the relevant agencies to commence preparations. INEC and the security agencies have accordingly recently submitted their requests. These have been subjected to the usual budget evaluation. The aggregate cost of the election is estimated at N254,445,322, 600.

“However, in line with the prevailing fiscal constraints, I am proposing that the sum of N164, 104, 792, 065 be provided for through virement or supplementation of the 2018 budget. I propose that the balance of N78, 340, 530, 535, mostly related to personnel allowances, fuelling and other costs not required until election proper, be provided in their 2019 budget.”

The President said the critical projects, whose allocations were cut by the lawmakers, required N64bn, asking that the amount should also be taken out of the allocation to the inserted projects.

The lawmakers had introduced 6,403 projects into the budget amounting to N578bn.

Buhari said, “You will also recall that when I signed the 2018 Appropriation Act, I indicated the need for the reinstatement of certain cuts made to certain critical projects provided in the original executive bill. I am therefore submitting for your consideration the reinstatement of the most critical of such cuts totalling N64,749, 216, 150 which are summarised in Page 1.

“The total amount required to be provided for in the 2018 budget for the 2019 general elections and to restore the identified critical projects to the amount earlier proposed is therefore N228, 854, 800, 215. Implementing a budget of N9.12tn for 2018 is extremely challenging and, therefore, I do not consider it expedient to propose a further increase to the size of the 2018 expenditure framework to fund these very important and critical expenditure items.

“Accordingly, I invite the distinguished Senate to consider, in the national interest, relocating some of the funds appropriated for the new projects which were inserted into the 2018 budget proposal totalling N 578, 319, 951, 904 to cover the sum of N228, 854, 800, 205 required as noted above.

“A schedule setting out a comprehensive list of these inserted projects is attached to this letter for ease of your consideration. Further to the above, kindly find attached a supplementary budget and virement proposal for your consideration.”

The two chambers of the National Assembly had passed the 2018 Appropriation Bill on May 16, 2018. The legislature had increased the budget from N8.612tn as proposed by the executive to N9.12tn.

The lawmakers had said the additional N508bn was based on the agreement between the executive and the legislature based on the increase in prices of crude oil, which led to the raising of the oil benchmark from the proposed $45 to $51.

However, the President had, while assenting to the bill on June 20, complained about the adjustments made to the estimates in the budget by the legislature.

The Punch

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US Cancels Visa Processing for Nigeria, Brazil, Russia, 72 Other Countries

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The Trump administration is suspending all visa processing for applicants from 75 countries, a State Department spokesperson said on Wednesday.
The spokesperson did not elaborate on the plan, first reported by Fox News, which cited a State Department memo.
The pause will begin on January 21, Fox News said.
Somalia, Russia, Iran, Afghanistan, Brazil, Nigeria, Thailand are among the affected countries, according to the report.
The memo directs U.S. embassies to refuse visas under existing law while the department reassesses its procedures. No time frame was provided.
The reported pause comes amid the sweeping immigration crackdown pursued by Republican U.S. President Donald Trump since taking office last January.
In November, Trump had vowed to “permanently pause” migration from all “Third World Countries” following a shooting near the White House by an Afghan national that killed a National Guard member.
Source: Reuters

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‘A Friend of a Thief is a Thief’, Defence Minister Warns Gumi, Other Bandit-Sympathizers

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The Minister of Defence Minister, Lt.-Gen. Christopher Musa, (rtd), has warned Sheikh Ahmed Gumi and other persons in the country against including bandits in northern brotherhood.

General Musa, via a statement on Wednesday in Maiduguri, declared: “A friend of a thief is a thief,” warning Nigerians against supporting terrorists and bandits in any form.

He said that the warning statement is neither accidental nor symbolic; explaining that it is a clear response to narratives previously promoted by Sheikh Gumi, who described bandits’ hiding in the bush as “our brothers” and argued that society cannot do without them.

General Musa’s message draws a firm line between compassion and complicity. While empathy has its place, justifying or normalising terrorism only strengthens criminal networks that have devastated communities, displaced families, and claimed innocent lives.

Labeling bandit as “brothers” does not reduce violence it legitimizes and undermines national security efforts.

The Defence minister’s warning serves as a reminder that terrorism thrives not only on weapons but also on moral cover. Anyone who excuses, defends, or shields criminals through words, influence, or silence shares responsibility for the consequences. In matters of national security, neutrality is not an option.

Nigeria cannot defeat banditry and terrorism while dangerous rhetoric blurs the line between victims and perpetrators. The choice is clear: stand with the law and the nation, or be counted among those enabling crime.

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Strategy and Sovereignty: Inside Adenuga’s Oil Deal of the Decade

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By Michael Abimboye

In global energy circles, the most consequential deals are often not the loudest. They unfold quietly, reshape portfolios, recalibrate value, and only later reveal their full significance.

The recent strategic transaction between Conoil Producing Limited and TotalEnergies belongs firmly in that category. A deal whose implications stretch beyond balance sheets into Nigeria’s long-troubled oil production narrative.

For Mike Adenuga, named The Boss of the Year 2025 by The Boss Newspapers, the agreement is more than a corporate milestone. It is the culmination of a long-term upstream strategy that is now translating into hard value barrels, cash flow, and renewed confidence in indigenous capacity.

At the heart of the transaction is a portfolio rebalancing agreement that sees TotalEnergies deepen its interest in an offshore asset while Conoil consolidates full ownership of a producing block critical to its medium-term growth trajectory. The parties have not publicly disclosed the monetary value, industry analysts place similar offshore and shallow-water asset transfers in the high hundreds of millions of dollars, depending on reserve certification and development timelines. What is indisputable, however, is the deal’s structural clarity: each partner exits with assets aligned to its strategic strengths.

For Conoil, the transaction represents something more profound than asset shuffling. It is the validation of an indigenous oil company’s ability to operate, produce, and partner at scale. That validation was already underway in 2024, when Conoil achieved a landmark breakthrough: the successful production and export of Obodo crude, a new Nigerian crude blend from its onshore acreage.

In a country where new crude streams have become rare, Obodo’s emergence signalled operational maturity. More importantly, it shifted Conoil from being perceived primarily as a downstream and marginal upstream player into a full-spectrum producer with export-grade assets.

The commercial impact was immediate. Obodo crude enhanced Conoil’s revenue profile, strengthened cash flows, and materially improved the company’s asset valuation.

For Mike Adenuga, Obodo represented something else entirely: oil income with scale and durability. Producing crude shifts wealth from theoretical to realised. It is the difference between potential and proof.

That momentum was reinforced by Conoil’s acquisition of a new drilling rig, a move that underscored its intent to control not just resources, but execution. In an industry where rig availability often dictates production timelines, owning modern drilling capacity gives Conoil a strategic advantage lowering costs, reducing dependency, and accelerating development cycles. It also enhances the company’s bargaining power in partnerships such as the one with TotalEnergies.

Taken together, the Obodo crude success, the rig acquisition, and the TotalEnergies transaction, these moves materially expand Conoil’s enterprise value. While private company valuations remain opaque, upstream assets with proven production, infrastructure control, and international partnerships typically command significant multiple expansion. For Adenuga, all of these represents a stabilising and appreciating pillar of wealth.

As The Boss Newspapers honours Mike Adenuga as Boss of the Year 2025, the recognition lands at a moment when his oil ambitions are no longer peripheral to his legacy. They are central. In Obodo crude, in steel rigs, and in carefully negotiated partnerships, Adenuga is shaping a version of Nigerian capitalism that privileges patience, scale, and execution over spectacle.

In the end, the most powerful statement of wealth is not net worth rankings or headlines. It is the ability to convert strategy into assets, assets into production, and production into national relevance. On that score, the Conoil–TotalEnergies deal may well stand as one of the most consequential chapters in Mike Adenuga’s business story and in Nigeria’s evolving oil future.

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