Headline

My Stewardship: Buhari Reels Out Achievements, Proposes N20.5trn Budget

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2 years ago

October 8, 2022

Eric

By Eric Elezuo

Barely eight months to the end of his administration, President Muhammadu Buhari has reeled out his achievements covering close to eight years of stewardship.

The President took the opportunity of his last Appropriation Bill presentation to the National Assembly on Friday to highlight the high points of his administration in terms of provision of infrastructure, tackling of insecurity, reengineering of the economy and fighting corruption among others.

Standing before a joint session of the National Assembly in Abuja to present the 2023 Appropriation Bill, his eight and final presentation, Buhari, like he did a week ago during the Independence Day broadcast, and some weeks before during a visit to Imo State, boasted about his efforts to carve out a new Nigeria, saying he has performed well.

Among his laudable efforts, Buhari hinted that “we have awarded several contracts to rehabilitate, reconstruct and construct major arterial roads to reduce the hardship to commuters and increase economic activity.”

He mentioned that in furthering the enviable objectives of his government, the administration will be spending N20.15tn for the 2023 fiscal year.

The President’s full speech is presented in details below:

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:

a. 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’);

b. 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;

c. 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;

d. 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;

e. 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;

f. 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.

g. 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;

h. 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.

i. 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.

j. 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.

k. 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.

l. 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.

4. 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.

5. 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:

a. 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;

b. 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.

c. 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;

d. 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;

e. Enacting annual Finance Acts of 2019, 2020 and 2021 to support our annual Budgets and respond to emerging tax, fiscal and economic issues, including:

I. reducing headline corporate tax rates for Small and Medium-Sized Enterprises;

II. 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;

IV. 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

V. 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;

f. 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;

I. Promoting Local Procurement by Government Agencies, 2017;

II. 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;

IV. Planning and Execution of Projects, Promotion of Nigerian Content in Contracts, Science, Engineering and Technology, 2018;

V. the Voluntary Offshore Assets Regularization Scheme (VOARS), 2018;

VI. 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:

a. Oil price benchmark of 70 US Dollars per barrel;

b. Daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day);

c. Exchange rate of 435.57 Naira per US Dollar; and

d. 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:

a. Statutory Transfers of N744.11 billion;

b. Non-debt Recurrent Costs of N8.27 trillion;

c. Personnel Costs of N4.99 trillion;

d. Pensions, Gratuities and Retirees’ Benefits of N854.8 billion;

e. Overheads of N1.11 trillion;

f. Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers;

g. Debt Service of N6.31 trillion; and

h. 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.

Headline

Who Will Rescue Nigeria from Political Bandits?

Published

4 days ago

October 6, 2024

Eric

By Eric Elezuo

The Oxford Dictionary defines a bandit as a robber or outlaw belonging to a gang and typically operating in an isolated or lawless area. In a layman’s language, a bandit is a basically a robber, most of the times, heavily.

In many professional sectors, bandits have arisen in form of leaders, as a result of their high handedness, disrespect for constituted authorities, greed for power and disregards for humanity. Among the bandits of the Nigerian society are the political bandits. They are members of diverse political parties spread across the judiciary, legislature, executive, business environment and more. The banditry has created dissension across boards, affecting the main and opposition political parties, the Nigerian economy, the judiciary with the infamous conflicting judicial pronouncements and judgments, creating a typical musical staccato.

As a result, while the country battles the known bandits of Sokoto, Zamfara, Kaduna, Katsina and Niger among others, the people are unfortunately putting up with the rascality of the new kind of banditry, which shares public space with the populace, albeit politicians and public office holders. But while the shenanigans persist, the government and people keep a blind eye, pretending that all is well.

“It’s no longer news that the issues prevailing in the country today vis a vis political crisis, judicial rascality and the total economic downturn ravaging the nation, unleashing hunger among the populace is a direct invention of the government of the day.

“Firstly, to decimate the opposition parties so as to create a leeway for a smooth return to power in 2027 as well as impoverish the people, make them hopeless so as to feed them crumbs without questions. Of course, the constant phoney distribution of palliatives is a consequence of the self-made affliction,” an analyst told The Boss.

It would be recalled that the nation has experienced more than a far share of democratic brigandry and political banditry since the May 29, 2023 inauguration day pronouncement of ‘subsidy is gone’ by President Bola Tinubu. Apart from the economy hitting the rocks since then, the opposition parties have continually remained on each other’s neck in what political analysts have described as a deliberate ploy of the government in power to instigated crises across board, and propel the country towards a one party state under the All Progressives Congress (APC).

In the main opposition Peoples Democratic Party (PDP), leadership tussle has remained endemic, creating factions between those loyal to the Acting Chairman, Umar Iliya Damagum and the the rest of the members, with an allegation that the Minister of the Federal Capital Territory (FCT), Barr Nyesom Wike, has a superlative control of the leadership; a situation that has made it absolutely difficult for the opposition party to successfully play its opposition role.

“No matter what anybody says, it’s obvious that Wike is working for the APC, and at the same time maintains a strangle hold on the PDP for the very wrong reasons. It’s completely difficult for the PDP leadership as presently constituted to speak against the APC or even Wike himself. It is not by accident that Senator Dino Melaye, a vocal chieftain of the party, described it as a ‘dead party’. You know that New Nigeria’s People’s Party’s Rabiu Kwankwaso has echoed that line of thought,” a PDP stakeholder, who prefers anonymity said.

The crisis of leadership has also divided the Governors Forum under Bauchi State governor, Bala Mohammed, causing the party to abandon Rivers State governor, Sim Fubara, in his battles for the state structure against Wike.

While Bala Mohammed had earlier indicated that the forum was considering the return of the national chairmanship to the North-Central, describing the current leadership arrangement in the North-East as unconstitutional, a decision that was supported by Osun state governor, Ademola Adeleke.

“My brother from the North-East is currently acting as the national chairman, which is a constitutional anomaly. According to our Constitution, any vacancy in a leadership position should be filled by the region from which it was originally created,” Bala said on Tuesday.

The Bauchi State governor explained that the North-Central region had been expecting the position and hinted that the forum was working with the chairman, the National Working Committee (NWC), and the broader party structure to return the chairmanship to the North-Central.

“We have discussed the issue and will work to ensure that the North-Central is given the opportunity to assume this responsibility,” he stated.

However, Governor Fintiri of Adamawa, in a sharp contrast to Bala’s stance, declared his strong support for Damagum’s leadership.

Fintiri noted that the North-East zone, which includes Bauchi, supports Damagum remaining as acting national chairman.

He referenced a Federal High Court ruling in Abuja that restrains the NWC, Board of Trustees (BoT), National Executive Committee (NEC), PDP, INEC, and any affiliated bodies from removing, replacing, or nominating a new chairman outside of Damagum.

“The court’s ruling is clear, and we must respect it for the sake of our party and democracy,” Fintiri stated in a statement earlier issued by his Chief Press Secretary, Humwashi Wonosikou.

The Adamawa governor further praised Damagum’s leadership for rebuilding public confidence in the PDP following the party’s defeat in the 2023 presidential election, and he endorsed him to complete the tenure of the former chairman, Dr. Iyorchia Ayu, a situation many members of the party disagree with.

Fintiri also emphasised that the North-East, having delivered strong results for the PDP in the 2023 elections, deserves the national chairmanship more than other regions. The zone includes Adamawa, Taraba, Gombe, Bauchi, Borno, and Yobe states, and Fintiri argued that their performance in the polls strengthens their claim to the chairmanship.

Oyo State Governor, Seyi Makinde, also declared his full support for the NWC under Damagum’s leadership, underscoring the growing division within the PDP Governors’ Forum over the party’s leadership crisis.

Makinde noted that, while internal disagreements are inevitable in any political party, the focus should remain on unity as the party prepares for critical elections.

The party also agreed to support Fubara in Rivers, resolving to hand over party structure to him against Wike’s quest to hold to the structure. But in response, Wike threatened to step fire in the states of the PDP Governors, who took the decision. But while Mohammed called his bluff, Makinde pleaded to be exempted, acknowledging alleged Wike’s superiority.

The dissension that has continued led to the party’s loss of the Edo State governorship election. They claimed it was rigged by the APC.

Demagum continues to argue that the party’s rules allow for some flexibility in leadership positions and pointed out that the deputy chairman from the North could naturally assume the chairmanship if it were vacated.

Also in the Labour Party, leadership crisis has continued to polarize the party, creating a faction supposedly chaired by deposed Chairman, Julius Abure, and another by the new caretaker Chairman, Esther Nenadi. The party’s crisis also resulted in the dismal performance of their candidate, Olumide Akpata, in the just concluded Edo State governorship election on September 20.

The political rascality has further transcended to the judiciary, where what appears to be judgment for the highest bidder, is in vogue.

This situation has been witnessed in Rivers State, where the several court judgments continue to flow from several courts in favour of anyone, who applies for it.

On September 30, the court barred the Independent National Electoral Commission (INEC) from releasing the voter register to the Rivers State Independent Electoral Commission (RSIEC) for the elections.

The judge, Peter Lifu, cited RSIEC’s non-compliance with its 2018 law concerning the voter register as a reason for the court’s decision to halt the elections

Many lawyers and judicial stakeholders have expressed their disagreement with the court order and stressed the importance of judicial independence.

They argued that the case underscored the unconstitutionality and undemocratic nature of caretaker committees managing local governments.

A lawyer and Senior Advocate of Nigeria, Jibrin Okutepa, noted as follows:

“Section 1 of the 1999 Constitution makes the constitution supreme and binding on all persons and authorities, including Nigerian courts.

“Section 287(1) further stipulates that decisions of the Supreme Court must be enforced across Nigeria by all persons and courts with subordinate jurisdiction to that of the Supreme Court.

“Judgments of the Supreme Court, whether rightly or wrongly decided, cannot be questioned or ignored by any courts or individuals in Nigeria; they can only be criticised.”

Also toeing the line of political banditry in the nation is the recklessness that has been exhibited by the electoral umpire, the Independent National Electoral Commission (INEC). The body has been accused of also giving electoral victory to whomever expresses monetary and influential concern, especially the government of the day. The situation was further brought to light with the handling of the Edo State governorship election.

The situation of almost complete lawlessness that has pervaded the length and breadth of the nation’s political and economic sectors, have reduced the society to enclave enslaved by a group of individuals, who do not wish corporate existence, but selfish fulfillment of individual agenda.

In Rivers State, Governor Fubara appears to have called the bluff of the Bola Tinubu-led APC, the camp of Wike and all, who were bent on undermining his administration, but the question still stand, who will rescue Nigeria from political bandits as the situation is far from over.

Headline

Glo Splashes Millions of Naira on Partners at Luxurious Event in Lagos

Published

5 days ago

October 5, 2024

Eric

Globacom, Nigeria’s telecommunications and digital solutions services provider, on Thursday treated its business partners across the country to a luxurious ceremony in Lagos. The event was held at the Eko Hotel and Suites, Victoria Island.

At the event, Globacom honoured its top-performing partners that fulfilled all regional and national deliverable requirements with millions of naira in recognition of their outstanding work.

A total number of 71 partners were rewarded in two broad categories, with the winners receiving millions of naira in cash prizes. Category 1 comprised 22 Activation Award winners and 33 Divisional Recharge winners.

In Category 2, 16 partners were rewarded for outstanding performance at the national level. They included partners who performed excellently in Sponsored Data and Activation and those who won national awards in the Recharge category.

The event was held to “honour not just individual successes, but the collaborative spirit that drives innovation and growth”, according to a statement from Globacom. It added that each of the partners “continues to play crucial roles in Globacom’s mission to empower people and businesses, pushing the boundaries of what is possible in telecommunications”.

Globacom shared with them its current and future projections to grow the company and maintain a win-win partnership with the business partners and promised to constantly take their interest and that of other stakeholders into account in all of its plans and projections.

“We are excited about the future, of our continued partnership in serving our customers, fulfilling their needs and helping them achieve their ambitions. We count on you all to be by our side all the way”, the company reiterated to the business partners.

Globacom, which recently clocked 21st, noted that it has grown from being a telecommunications service provider to becoming a Digital and Technology Company, leading the drive into Nigeria’s digital future. It promised to continue to explore unlimited opportunities to serve the customers by investing heavily in the latest tools and technologies.

The company recently unveiled My-G which gives subscribers more data value and more freedom to explore their passions. It has also reinvigorated the Glo Cafe app to give subscribers total control and access to entertainment, gaming, data solutions and other VAS services on their mobile devices. Glo also enhanced the Berekete tariff plan to give unparalleled juicy benefits to subscribers, ensuring that every new business innovation, product and service bring Glo customers one step closer to their goals.

However, the partners had a terrific time being entertained, so the event wasn’t just about business presentations and prizes. Lilian Yeri Danceworld, an all-female dance company with a lot of versatile dance movements, was available to entertain the guests.

Celebrated musician, Flavour, also brightened up the evening with great music, adding color to bring the celebration to a close. Several guests joined him on the dance floor to enjoy his songs and flow along with his captivating performance.

Headline

Charles Osuji: Canada Celebrates a Legal Wizard

Published

1 week ago

September 30, 2024

Eric

By Eric Elezuo

From a very humble beginning in Imo State, South East Nigeria, Charles Osuji has not only found the golden fleece, but had nature give him a soft landing on posterity; the evidence of his prolific hard work.

Here’s the story of a man, who transcended boundaries and borders, challenges and huddles as well as barriers to take the legal profession by storm, hitting the highest echelon with panache in far away Calgary, Alberta in Canada. He graduated top of his class with honours from Imo State University in 2009, and called to the Nigerian bar from where he migrated to Canada. He was absorbed into the then Smith Law Office, where he had a successful articling before being admitted into the Alberta Bar in 2014. He became a partner in 2016, and moved to sole ownership in 2017.

Today, Canada celebrates a man of vision, impact, focus, determination and commitment to growth, just as Nigeria walks tall with pride at a total package of dignity, influence, affluence and candor exportable to the global world. His name is Dr. Charles Osuji, the Chief Executive Officer of one of Canada’s most thriving law firm, Osuji & Smith Lawyers. Osuji proved from day one to be a man, who knows what he wants, and it is no accident that he has achieved so much, and yet not rested on any oars. He sits comfortably as the owner of the largest black-owned law firm in Canada.

Osuji’s larger than life achievements have been encapsulated in what most authorities have said and written about him.

In a speech during the welcoming of The Boss Publisher, Chief Dele Momodu, in Calgary the week before, Barrister Juliet Omonigho, has this to say about Dr. Osuji

“Sir, let me tell you a bit about Dr. Charles Osuji; like Chief Dr. Momodu, he embarked on a journey fueled by vision and determination. Charles arrived in Canada and quickly rose through the ranks with sheer hard work, humility, and an unwavering commitment to excellence. In just a few short years, five years to be exact, he went from a young Nigerian boy in his twenties who, though graduated at the top of his class, seemed to have no prospects when he arrived in Canada, working three menial jobs to make ends meet, to finally getting an articling position after over 200 rejections! He bought the firm just three years after Articling and, in just five short years as managing partner, led it to become the largest black-owned law firm in Canada! His story is one of resilience, innovation, courage and the kind of tenacity that transforms dreams into reality.

“Osuji & Smith Lawyers, under Charles’ leadership, mirrors the journey of Ovation International. Both entities began with a vision, faced numerous challenges, achieved feats that had never been achieved before… and ultimately became symbols of success and excellence in their respective fields. Just as Chief Dr. Dele Momodu has become a beacon of pride for Africa in the global media landscape, Dr. Charles Osuji and his firm have become shining examples of what can be achieved by a young immigrant lawyer with no connections in Canada but through hard work and a commitment to uplifting others rise to national recognition in this country.

“Through the Foot in the Door Initiative, FIDI, an organization founded to empower internally trained lawyers Charles, our firm’s reach is international, giving incredible opportunities to internationally trained lawyers around the world to gain legal experience so they do not have to spend years writing hundreds of applications as he did before getting a foot in the door into a legal profession.

“As a director of the program, we get contacted by lawyers from around the world about the opportunity to be part of the initiative, and we say yes, which gives them the confidence to move to Canada to pursue their legal careers. The impact of the FIDI innovation is truly global.

“Our firm is so successful because Charles has assembled an incredible team of legal minds producing first-class work and the most dedicated and brilliant administrative staff. And collectively, we are all determined and dedicated to giving back. We are a full-service law firm with a diverse staff that speaks over 31 languages; by the way, Chief Momodu, we know you are a linguist who speaks several languages. Our ages range from twenties to seventies, and we serve a diverse Canada.

“As a result of Charles’ leadership, Nigeria is uplifting others regardless of race, ethnicity, or nationality. Over 200 FIDI students from different races have passed through our doors. Osuji & Smith has won landmark cases that established precedents, especially in employment law.

“Our firm has won over 105 awards across Canada, and Charles was recognized as one of Canada’s 25 most influential lawyers at age 35.

“Chief Dr. Momodu, you have led the way, setting an incredible example for a person like Dr. Charles Osuji—to rise to remarkable heights while keeping your focus on a larger mission: showcasing excellence, rewriting narratives, and creating opportunities for others. Your story continues to impact us even in the diaspora. It reminds us that with vision, determination, and the courage to stand for something greater than ourselves, there are no limits to what we can achieve.”

For a gentleman, who moved to Canada in 2011, it is quite impressive how he has climbed the ladders of success, and settled at the very height of greatness.

OF CHARLES OSUJI AND OSUJI & SMITH LAWYERS

By the age of 30, Charles Osuji, an internationally trained lawyer from Nigeria, bought a 37-year-old firm wherein he had served as an articling student not long before. Today, Osuji & Smith is a thriving small-sized firm that offers multi-generational and multi-cultural perspectives to its client base. The firm’s diverse staff includes lawyers who are educated or trained abroad, as well as individuals who can speak English, Igbo, Mandarin, Cantonese, Bengali, Spanish, Japanese, Korean, French, Hindi, Punjabi and Urdu. Professionals at Osuji & Smith can bring their diverse legal, financial and lived experiences to the table, which is what sets the firm apart from others.

Charles Osuji acts as a role model for young professionals and as a mentor to the associate lawyers, articling students and legal assistants at the firm. For these reasons, Three Best Rated has consistently named Osuji & Smith, beginning in 2017, as one of the top-rated employment and business firms in Calgary.

Also on the endless list of those, who have one or two things to say about Osuji is the site LEXPERT Business of Law, who wrote in 2021 as follows:

In 2011, Charles Osuji uprooted himself — and his developing legal career — to move to Calgary from Nigeria. An internationally trained lawyer, he came to Canada knowing he’d have to become re-accredited and develop a new network of personal and professional colleagues — but Osuji wasn’t daunted by these challenges. He joined what is now Osuji & Smith Lawyers in 2013 as an articling student, was called to the Alberta Bar in 2014, became partner at the firm in 2016 and then, at the age of 31, made another bold move: he became sole owner of the firm. At an age when most lawyers are still preoccupied with learning their craft, Osuji stands at the helm of a thriving and fast rising small-sized law firm as managing partner and CEO.

Osuji was recently named one of Canadian Lawyer’s Top 25 Most Influential Lawyers; was recognized in both Canada and Avenue Calgary’s Top 40 Under 40 Award categoryies; won the Immigrant of Distinction — Achievement Under 35 Award from Immigrant Services Calgary; was recently recognized, and voted by his fellow lawyers across Canada, in Best Lawyers: Ones to Watch, 2022, for his outstanding professional excellence in private practice; and was a nominee for the Canadian Bar Association’s 2020 Douglas Miller Rising Star Award.

Osuji & Smith covers a number of areas of law including personal injury, immigration, civil litigation, business, wills and estate, real estate, family, and employment and labour. Clients, which represent a cross-section of Alberta businesses and individuals, benefit from the firm’s multi-generational and multi-cultural perspectives, and Osuji’s willingness to provide these different perspectives sets his firm apart in the Calgary market. He strives to bring an entrepreneurial, multi-cultural and holistic approach to the practice of law.

Osuji is dedicated to providing mentoring and leadership for his staff and is also “a volunteer extraordinaire.” He plays piano at his church, provides pro bono work such as with E-Fry and legal clinics and is a mentor for other newcomer professionals through the Calgary Region Immigrant Employment Counsel, where he participates in workshops and panel conversations as well as serves on the Board of Directors and as Secretary.

Despite his fast and furious rise in the Canadian legal community, Osuji remains humble, genuine and kind. His unique combination of high intellect, tireless work ethic and business acumen fuels this rising star, but Osuji remains grounded by his role as a model citizen for all young professionals.

A multi-award-winning lawyer across divides, Charles Osuji remains undaunted, churning out firsts after first.