Headline

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

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4 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

Court Dismisses Abejide’s Suit, Upholds Mark-led Leadership of ADC

Published

2 hours ago

July 2, 2026

Eric

The Federal High Court in Abuja on Thursday affirmed Sen. David Mark’s leadership of the African Democratic Congress (ADC).

Justice Musa Liman, in a judgment, also dismissed the suit filed by Rep Leke Abejide challenging Mark and Ogbeni Rauf Aregbesola as national chairman and national secretary of the party for lacking merit.

Justice Liman upheld the preliminary objections filed by ADC, Chief Ralph Nwosu, Mark and Aregbesola which challenged Abejide’s suit.

The judge held that the court lacked the jurisdiction to dabble in the internal affairs of ADC, as the suit was non-justiciable.

He also held that Abejide lacked the legal right to have instituted the suit, having failed to show to the court that his rights had been violated in any way as a result of the emergence of Mark-led leadership.

He equally held that Abejide, who is a member of the House of Representatives, failed to explore the party’s internal mechanism for dispute resolution.

Justice Liman also resolved the three issues in the substantive suit in favour of the defendants.

On whether Mark, the former Senate president and Aregbesola, who was the former Governor of Osun, emerged as leaders of the party in compliance with the enabling laws, the judge resolved this against Abejide, the plaintiff in the suit.

He held that the handing over of the leadership of the party by Nwosu to Mark did not violate the provisions of the party’s constitution.

The judge agreed that the disputed July 2, 2025, meeting of the party was a stakeholder meeting which preceded the party’s National Executive Council (NEC) meeting held on July 29, 2025, which produced Mark and Aregbesola as the party’s leaders and was monitored by the Independent National Electoral Commission (INEC).

Justice Liman, therefore, declared that the emergence of Mark and Aregbesola as leaders of ADC was valid and in accordance with the constitution, the Electoral Act, 2026 and the party’s law.

The judge consequently awarded a fine of N2 million each in favour of all the defendants which shall be paid by Abejide.

He also awarded a N10 million fine against Abejide’s lawyer in compliance with the Electoral Act, 2026.

The News Agency of Nigeria (NAN) reports that Abejide had instituted the suit to stop the Mark-led leadership of ADC.

In the originating summons, marked FHC/ABJ/CS/1637/2025, filed on Feb. 15 by Idris, the lawmaker sued ADC, Ralph Nwosu, Mark, Aregbesola and INEC as 1st to 5th defendants respectively.

NAN reports that Nwosu was the former national chairman of ADC who stepped down for Mark, the ex-Senate president.

Abejide, among the eight reliefs, sought an order nullifying Nwosu’s handover or transfer of ADC’s leadership to Mark and Aregbesola as interim national chairman and interim national secretary respectively on July 2, 2025, at Shehu Musa Yar’adua Centre, Abuja, for being illegal, unlawful, null and void.

He sought an order of perpetual injunction restraining Mark and Aregbesola from parading themselves as leaders of the party “as their purported appointment, selection or election was unlawful, illegal, null and void.”

He also sought perpetual injunction restraining INEC from recognising Mark and Aregbesola as ADC’s interim national chairman and interim national secretary.

He alleged that their appointment, selection or election did not meet the requirements of Section 82 of the Electoral Act, 2022, among other prayers.

NAN

Headline

Alleged N27.4bn Scandal: Presidency Exonerates Gbajabiamila, Says Adeyemi Matthew is a ‘Con Artist’

Published

5 hours ago

July 2, 2026

Eric

The Presidency has volunteered details on how a certain Prince Adeniyi Adeyemi Matthew, allegedly built an elaborate web of forged documents, fake government appointments and fictitious agencies to deceive public officials and present himself as a senior presidential appointee under the administration of President Bola Tinubu.

The Presidency, in a statement issued on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described Adeyemi as “a con artist” who allegedly used forged appointment letters bearing the name of the Chief of Staff to the President, Femi Gbajabiamila, to create and operate a non-existent Presidential Foreign Intervention Promotion Council, later referred to as the Presidential Economic Advisory Council.

According to the statement, the alleged scam was uncovered after officials of the Nigerian Investment Promotion Council raised concerns that another purported government agency appeared to be operating alongside it.

The Office of the Chief of Staff subsequently alerted security agencies, accusing unnamed individuals of forging official appointment letters purportedly issued from his office.

“The attention of this office has been drawn to the activities of certain individuals and groups engaged in the forgery of official appointment letters purportedly issued from my office,” Gbajabiamila said in a petition dated October 17.

“The fake documents, bearing falsified signatures, reference/folio numbers, and seals, have been used to claim leadership appointments to non-existent entities, with particular reference to the Presidential Foreign Intervention Promotion Council.”

The Chief of Staff disclosed that Adeyemi had allegedly established an office at the Federal Secretariat Complex in Abuja, where he reportedly hosted meetings with Nigerians and foreign nationals while presenting himself as the Director-General of the fictitious agency.

According to the petition, the group even sought diplomatic support from the Ministry of Foreign Affairs to facilitate United States visas for its purported staff.

“The above development not only constitutes a serious criminal act but also undermines the integrity of the Presidency and the credibility of official government communication,” Gbajabiamila wrote.

“I therefore urge you to initiate a thorough investigation to identify and apprehend those involved and also to uncover the network facilitating the forgery.”

Foreign Affairs Ministry raises red flag

The statement revealed that concerns over Adeyemi’s activities had also reached the Federal Ministry of Foreign Affairs after he reportedly convened a meeting with ambassadors at the Wells Carlton Hotel and Apartments in Abuja on October 10, 2025, without the ministry’s knowledge.

In a letter dated October 15, 2025, signed by Ambassador Anderson Madubuike and addressed to the Office of the National Security Adviser and the Office of the Chief of Staff, the ministry sought clarification regarding the status of the purported agency.

“This act contravenes extant rules and regulations guiding diplomatic practices globally,” the ministry stated.

The enquiries triggered correspondence among the Office of the National Security Adviser, the Office of the Secretary to the Government of the Federation and the Office of the Chief of Staff.

Responding to the enquiries, Gbajabiamila categorically denied appointing Adeyemi or recognising the agency.

“Prince Adeniyi Matthew, Director-General of the Presidential Foreign Investment Promotion Council, is unknown to any office, nor do we have any dealings with the said council,” he wrote.

“My attention was drawn to a letter of this purported application, which is fake, and my office has instructed the police and other relevant security agencies to carry out investigations on the person and the entity he claims to represent.”

The Presidency stressed that the Chief of Staff could not have issued any appointment letter because appointments into government offices are the exclusive responsibility of the Office of the Secretary to the Government of the Federation.

Police uncover alleged forgery network

Following the petition, the Police launched an investigation and arrested Adeyemi on October 27, 2025, at the Abuja office from where he allegedly operated the scheme.

Searches conducted at both his office and residence in Suleja reportedly yielded several documents and exhibits believed to be connected with the operation.

Investigators said Adeyemi claimed that one Dolapo Babatunde Tanimola assisted him in procuring the forged appointment letter.

However, police investigations established that Tanimola had died in a fire incident at Kachi Hotel in Abuja on October 22, 2025, five days before Adeyemi’s arrest.

According to the State House, investigators established that the agency Adeyemi claimed to head never existed, while the appointment letters and several official documents recovered during the investigation were allegedly forged.

Police also accused him of falsely presenting himself as a presidential appointee and fraudulently requesting a diplomatic note verbale from the Ministry of Foreign Affairs to facilitate visa applications for himself and members of his organisation.

Investigators further alleged that Adeyemi operated no fewer than 34 bank accounts, including nine accounts opened in the names of fictitious organisations, including the FCT Investment Promotion Agency and Public Private Partnership (FIPA-APP).

The investigation also found that he allegedly succeeded in opening a Central Bank of Nigeria account by misleading the Office of the Accountant-General of the Federation using forged documents.

The Presidency, however, noted that investigators confirmed no government funds were ever paid into the account.

“The act of the suspect constitutes criminal forgery, impersonation and obtaining by false pretence, thereby bringing the office of the Chief of Staff to the President and the Presidency to disrepute before the public and international community,” the police report stated.

Eight-count charge filed

Based on the outcome of the investigation, police filed an eight-count charge before the Federal High Court in Abuja against Adeyemi and two alleged accomplices on November 27, 2025.

The matter is scheduled for hearing on July 27.

According to the Presidency, Adeyemi, while on police bail, recently resurfaced with fresh claims that the Chief of Staff had genuinely appointed him as Director-General of the agency.

The statement noted that the claim directly contradicted the statement he voluntarily made to investigators during the police probe.

It said the renewed allegation prompted Gbajabiamila to issue another public disclaimer on June 8, reaffirming that Adeyemi was an impostor.

Presidency urges caution

The Presidency said Adeyemi had a history of alleged fraudulent misrepresentation, recalling that in 2016 he allegedly presented himself as President-General of the World Youth Organisation, claiming it was affiliated with the United Nations before the UN reportedly disowned the organisation.

Describing the case as that of “a con artist who appears to have built a web of false claims to deceive unsuspecting government officials and the public,” the Presidency urged politicians and members of the public to avoid drawing conclusions before the ongoing criminal trial is concluded.

It further advised that, since the matter is before the court, interested parties should allow the judicial process to determine the allegations against Adeyemi and his co-defendants.

Headline

Parties’ Deregistration: ADC, Not NDC, is the Target

Published

3 days ago

June 29, 2026

Eric

By Eric Elezuo

As the 2027 presidential election draws closer, intrigues, manipulations and maneuvers have continued to be the order of the day as political parties engage in one gimmick or another to outdo and undo one another.

While some are playing politics of numbers and conviction, others are engaging tendencies that tend to question the status quo and established principles under which genuine democracy is formed. As a matter of fact, fingers have been pointed at the President Bola Tinubu-led Federal government as the brain behind all machinations that have attempted to derail multi-party democracy, and institute a one-party state, which is alien to the Nigerian democratic roots. This is as a result of the constant imbroglio that has consistently engulf almost all the major political parties in the country.

Fresh facts have however, emerged to prove that every act of frustration thrown at the opposition has been indirectly aimed at the main opposition party, the African Democratic Congress (ADC), and its presidential candidate, Alhaji Atiku Abubakar.

According to reliable sources, the recent deregistration of parties, especially the Nigerian Democratic Congress (NDC), was actually targeted at the ADC.

Recall that the Federal High Court in Lokoja, Kogi State, on June, 26, set aside its earlier judgement directing the Independent National Electoral Commission (INEC) to register the NDC as a political party. A ruling that put a question mark on the eligibility of the party presenting candidates in the forthcoming 2027 elections

The presiding judge, Isah Dashen, held that all relevant parties must be heard before any substantive decision can be made in the matter.

The court upheld the application filed by a certain organization, the Peace Movement Party (PMP), ruling that the party was a necessary party to the suit.

According to the judge, the earlier judgement was constitutionally defective as it was delivered without hearing from all interested parties.

He declared that such an omission rendered the entire process null and void.

Mr Dashen further ruled that the status quo be restored to what it was before the December 10, 2025 judgement, pending the determination of the substantive suit.

He also observed that certain material facts were suppressed in the earlier proceedings, which justified the decision to set aside the judgment.

Consequently, the court ordered that the substantive suit should begin afresh, with the Independent National Electoral Commission (INEC), the PMP and the NDC as parties to the case.

According to NAN’s reports, the applicant’s lawyer, Chikezie Ekeocha, told journalists that the PMP approached the court after discovering that NDC’s registration was based on a logo it had previously submitted to INEC before the commencement of the suit.

According to Mr Ekeocha, the court agreed that the applicant’s rights had been affected and consequently vacated the earlier judgement.

“The court has ordered all parties to return to the position they occupied before the judgment of 10 December 2025, and directed the claimants to join all necessary parties to ensure the issues in dispute are effectually and completely determined,” he said.

He explained that the implication of the ruling is that every action taken by INEC in compliance with the now-vacated judgment stands reversed.

“The recognition of the NDC, the issuance of its certificate of registration, its inclusion in INEC’s records, and any appearance on ballot papers arising from that judgement must be withdrawn pending the final determination of the substantive suit,” Mr Ekeocha stated.

He, however, clarified that the substantive case remains before the court and has not been decided.

“The matter has not been concluded. The court merely set aside its previous judgment and directed that the party whose interests were affected be joined so that all sides can be heard before a fresh decision is reached.”

Mr Ekeocha also dismissed suggestions that the court merely ordered parties to maintain the status quo, insisting that the ruling specifically directed a restoration of the position that existed before the 10 December 2025 judgement.

The ruling effectively returns the dispute over the registration of the NDC to the Federal High Court for a fresh hearing, with all relevant parties expected to participate before a new determination is made.

It would also be recalled that a few weeks earlier, the Federal High Court in Abuja, had ordered the deregistration of five political parties including the African Democratic Congress (ADC). The others are Action People’s Party (APP), Action Alliance (AA), Zenith Labour Party (ZLP) and Accord Party.

However, on June 16, the Court of Appeal in Abuja halted the enforcement of the judgement, ruling that it violated its earlier ruling staying proceedings before the Federal High Court.

While INEC awaits the release of the Certified True Copy (CTC) of the judgment to deregister the NDC, the NDC has reacted, rejecting the judgment as travesty of justice.

Lending credence to the notion that the President Tinubu-led administration is basically targeting the establishment of the ADC as a party, and the candidature of its presidential flagbearer, former Vice-President Atiku Abubakar, who is also the presidential candidate of the ADC, has stated categorically that there are plots to prevent the party from participating in the 2027 general election.

Atiku’s position is stated in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu on Monday, notifying the public that he had received credible information suggesting that political and legal manoeuvres were being deployed against the ADC, stressing that the persecution that has been thrown towards the NDC was a clear distraction as the main target is the ADC.

Atiku alleged that anti-democratic elements within the ruling All Progressives Congress (APC) were working to ensure that the ADC is excluded from the ballot.

“We are fully aware of their plots. While they seek to sow confusion within the opposition, we know their real target is the ADC because it represents the most credible alternative,” he said.

Atiku called on Nigerians to reject any attempt to determine which opposition parties participate in the election.

“We therefore call on all Nigerians — not just ADC members and supporters — to rise in defense of democracy and reject any attempt by the ruling party to cherry-pick which opposition parties are permitted to participate in the next general election,” he said.

“Our message to the APC and the hooded men plotting in dark chambers is simple: you may conspire, but you will not succeed.

“If the APC is truly confident in its popularity, why is it so terrified of the ADC?”

He said he hoped the information available to him would not materialise but argued that recent political developments made such concerns difficult to dismiss.

“The pattern has become all too familiar. First, institutions that ought to be neutral are drawn into partisan contests,” he said.

“Then, frivolous litigations suddenly gain unusual momentum. Administrative powers are selectively deployed.

“Political pressure is mounted behind closed doors. Before long, democracy itself becomes the casualty.”

Atiku alleged that the ruling party has focused more on weakening the opposition than addressing the country’s economic and security challenges.

“The obsession with silencing the opposition has become so consuming that governance itself has taken a back seat,” he said.

“At a time when Nigerians are battling hunger, inflation, unemployment, insecurity, and collapsing purchasing power, those entrusted with public office appear preoccupied with political survival rather than national survival.”

Nigerians recall that ever since the official rejuvenation of the ADC in June/July of 2025, where the duo of Senator David Mark and Ogbeni Rauf Aregbesola emerged as the party’s chairman and secretary respectively, the party has not known moments of peaceful coexistence as litigations from corners unknown have sprang up in a bid to destabilize the party and deprive it of the opportunity of featuring on the ballot paper come 2027.

ADC, as a child of circumstance emerged from the rumbles of the litigation-ridden former main opposition party, the Peoples Democratic Party (PDP), where two factions have consistently remelained at loggerheads over leadership. While the Minister of the Federal Capital Territory, Nyesom Wike, who is working assiduously to ensure the reelection of Bola Tinubu, leads one faction, Oyo State Governor, Seyi Makinde, who became a defacto head, leads the other faction. In all, PDP appeared to have no direction, forcing many of its members to jump ship, thereby birthing the ADC, and to a large extent, the NDC, which is presenting Peter Obi as the presidential candidate, with former Kano governor, Rabiu Musa Kwankwaso, as his running mate.

Sources also informed The Boss that the hasty reading and passage of the Electoral Act 2026 by the Godswill Akpabio-led National Assembly, with many great areas left unattended to, were also part of the grand design to deprive the ADC the constitutional rights of presenting candidates for the 2027 elections.

But both the ADC and the NDC has vowed that they would follow every process to ensure that the crackdown on opposition parties by the Tinubu administration comes to an abrupt end.

But beyond the intrigues, Nigerians are gearing up to participate fully in the forthcoming election with cross sections of the population either hailing Tinubu for his policies or knocking him for the untold hardship in the land.