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FG to finance 2022 budget deficit with new loans

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By Derrick Bangura

President Muhammadu Buhari has written to the House of Representatives to request an increase in the budget deficit for 2022, which will be paid through domestic borrowing.

Buhari stated this in a letter presented in plenary on Thursday by Speaker Femi Gbajabiamila.

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The President also asked for a review of the 2022 Medium-Term Expenditure Framework (MTEF), which constituted the foundation for the budget.

“As you are aware, Mr. Speaker, new developments in the world and domestic economies have prompted a modification of the fiscal framework for 2022, on which the 2022 budget was built.
Buhari stated this in a letter presented in plenary on Thursday by Speaker Femi Gbajabiamila.

The President also asked for a review of the 2022 Medium-Term Expenditure Framework (MTEF), which constituted the foundation for the budget.

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“As you are aware, Mr. Speaker, new developments in the world and domestic economies have prompted a modification of the fiscal framework for 2022, on which the 2022 budget was built.
“The total budget deficit is expected to rise from N965.42 billion to N7.35 trillion, or 3.99 percent of GDP,” according to the report.

“New borrowings from the domestic market will be used to fund the increase in the deficit.

“Given the urgency of the proposal for a revision of the budgetary framework for 2022 and a budget amendment for 2022,” he added, “I want the corporation of the National Assembly to move quickly on this request.”

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The letter was then referred to the House Committee on Finance for further legislative action by the Speaker.

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Benue IDPs block highway, demand return to ancestral homes

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Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.

The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.

The protest caused disruption, leaving hundreds of motorists and passengers stranded.

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Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.

“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.

Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.

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Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.

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NNPCL reveals decision not to sell Port Harcourt refinery

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The Nigerian National Petroleum Company Limited, NNPCL has officially decided not to sell the Port Harcourt Refining Company.

NNPCL has, instead said it is committed to conducting an extensive rehabilitation of the facility and ensuring its continued operation.

During a company-wide town hall meeting held at the NNPC Towers in Abuja, Bayo Ojulari, the Group Chief Executive Officer of NNPC Ltd, announced the decision regarding the future of the nation’s most significant state-owned refining asset, putting an end to weeks of speculation.

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A statement by NNPCL reads, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.

“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.

”Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.

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”Thus, selling is highly unlikely as it would lead to further value erosion.”

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Tinubu appoints Olumode Adeyemi as Federal Fire Service boss

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President Bola Tinubu has approved the appointment of Adeyemi Olumode, as the new Federal Fire Service, FFS, Controller-General.

The appointment was announced on Wednesday on behalf of the Federal Government by retired Maj.-Gen Abdulmalik Jubril, Secretary of the Civil, Defence, Correctional, Fire and Immigration Services Board, CDCFIB.

Jubril said the appointment followed the retirement of the current Controller-General, Abdulganiyu Jaji, on August 13.

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Jaji is retiring upon attaining the age of 60 by August 13.

Jibril further disclosed said that Adeyemi Olumode is qualified for the position, having attended and passed all mandatory in-service training, Command courses as well as other courses within and outside the country.

“He brings a wealth of experience to his new role, having transferred his service from the FCT Fire Service to the Federal Fire Service and grown to the rank of DCG in the Human Resource Directorate of the Service Headquarters.

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“He has served in various capacities and is equally a member/fellow of the following professional associations including Association of National Accountants of Nigeria, ANAN, Institute of Corporate Administration of Nigeria, Institute of Public Administration of Nigeria and Chartered Institute of Treasury Management of Nigeria.”

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