President Muhammadu Buhari has presented a N16.39 trillion budget proposal for the 2022 fiscal year to the National Assembly.
The presentation of the Appropriations Bill 2022, was made at a joint session attended by members of both chambers of the National Assembly.
President Buhari arrived the House of Representatives Chamber where the joint session held at about 12:04pm.
The presentation which lasted for an hour ended at 1:05pm.
President Buhari, in his presentation, said the Appropriations Bill 2022, was tagged “Budget of Economic Growth and Sustainability.”
He said allocations to MDAs in the budget were guided by the strategic objectives of the National Development Plan of 2021-2025.
According to him, the plan includes diversifying the economy with robust MSME growth; investing in critical infrastructure; strengthening security and ensuring good governance; enabling a vibrant, educated and healthy populace; reducing poverty; and minimizing regional, economic and social disparities.
He added that defence and internal security would continue to be top priority for his administration.
“We remain firmly committed to the security of life, property and investment nationwide.
“We will continue to ensure that our gallant men and women in the armed forces, police and paramilitary units are properly equipped, remunerated and well-motivated” President Buhari said.
On parameters and fiscal assumptions of the 2022 Appropriations Bill, he explained that same was based on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.
He said oil price benchmark was pegged at 57 US Dollars per barrel; oil production estimate at 1.88 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); Exchange rate at N410.15 per US Dollar; and Projected GDP growth rate at 4.2 percent and 13 percent inflation rate.
He stated that based on these fiscal assumptions and parameters, total federally-collectible revenue wasestimated at N17.70 trillion Naira in 2022.
Buhari explained further that while total federally distributable revenue is estimated at 12.72 trillion Naira,total revenue available to fund the 2022 Federal Budget was estimated at 10.13 trillion Naira, an amount which includes Grants and Aid of 63.38 billion Naira, as well as the revenues of 63 Government-Owned Enterprises.
According to him, Oil revenue was projected at 3.16 trillion, Non-oil taxes estimated at 2.13 trillion Naira and FGN Independent revenues projected at 1.82 trillion Naira.
He said out of the total expenditure of N16.39 trillion Naira proposed for the Federal Government in 2022, N768.28 is for Statutory Transfers of 768.28 billion Naira; N6.83 trillion is for Non-debt Recurrent Costs;and N4.11 trillion for Personnel Costs.
Others are N577.0 billion for Pensions, Gratuities and Retirees’ Benefits; N792.39 for Overheads; N5.35 trillion for Capital Expenditure, including capital component of statutory transfers; N3.61 trillion for Debt Service; and N292.71 billion Naira for Sinking Fund to retire certain maturing bonds.
He, however, emphasised that the expected total fiscal operations of the Federal Government would result in a deficit of 6.26 trillion Naira, an amount representing 3.39 percent of estimated GDP, which, according to him, is slightly above the 3 percent threshold set by the Fiscal Responsibility Act 2007.
In addition, the President disclosed that efforts were being made by his administration to partly support the realization of fiscal projections by reviewing the current tax and fiscal laws to produce a draft Finance Bill 2022.
It is our intention that once ongoing consultations are completed, the Finance Bill would be submitted to the National Assembly to be considered alongside the 2022 Appropriation Bill”, he said.
The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company (NNPC) Limited three weeks to respond to queries raised against it.
These queries concern audit reports from 2017 to 2023, alleging unaccountability of N210 trillion naira. The committee, chaired by Senator Ahmed Wadada, emphasized that the amount in question is neither stolen nor missing but has yet to be accounted for.
The three-week deadline for explanations was given to Bayo Ojulari, the Group Chief Executive Officer of NNPC Limited, after he apologized for his previous failure to appear before the committee. Ojulari explained that he needed additional time to thoroughly investigate the issues raised in the 19 queries presented to him, citing the technicalities and perspectives involved.
“I’m just over 100 days into my role as GCEO of NNPCL,” Ojulari stated. “I need more time to understand the issues so that I can respond appropriately. I will assemble a team to reconcile the details properly so we can provide answers to the queries. I also plan to engage with external auditors and other relevant groups.”
Although Ojulari initially requested four weeks, the committee granted him three weeks, which they deemed sufficient for NNPC Limited to prepare its responses.
Senator Wadada outlined the details of the queries to the NNPCL CEO, explaining that the N210 trillion unaccounted for broadly includes two components: N103 trillion in liabilities and N107 trillion in assets, both of which must be accounted for.
Wadada stated, “None of the 18 or 19 questions we have regarding NNPCL originate from the committee, the executive, or the judiciary. They are derived from the audited financial statements of the NNPCL, as reviewed by the auditor-general covering the period from 2017 to 2023.
“Furthermore, the committee has never claimed that the N210 trillion in question was stolen or missing. Our investigation is a necessary inquiry into the queries raised in the report, in line with our constitutional mandate.”
The committee has instructed NNPC Limited to provide written responses to all 19 queries within the three-week timeframe. Afterward, the GCEO and other management staff will be invited to appear in person for further discussion and defense of the issues.
Before the chairman’s ruling, nearly all committee members expressed the seriousness of the issues at stake but remained optimistic that the GCEO would clarify these matters.
The Nigerian National Petroleum Company (NNPC) Limited has confirmed that the Port Harcourt Refining Company is not for sale. The company remains committed to completing the high-quality rehabilitation of the plant.
Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPC Limited, announced this decision during a company-wide town hall meeting at the NNPC Towers in Abuja on Tuesday, July 29, 2025.
Ojulari emphasised that this position is not a change but is based on ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries. He explained, “The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery before fully completing its rehabilitation was ill-informed and sub-commercial.”
He noted that while progress is being made on all three refineries, the current outlook suggests the need for more advanced technical partnerships to successfully complete and enhance the rehabilitation of the Port Harcourt refinery. Therefore, selling the refinery is highly unlikely, as it could lead to further value erosion.
This announcement comes amid widespread speculation following Ojulari’s comments at the 2025 OPEC Seminar in Vienna, Austria, earlier this month. During an interview with Bloomberg, he stated that “all options are on the table,” which sparked concern and discussion regarding the future of the nation’s refining assets.
In a statement released by NNPC Limited on Wednesday, July 30, Ojulari reiterated that the national oil company aims to reposition itself as “a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its primary stakeholder group, Nigerians.”
Emmanuel Emefienim, the Managing Director of PremiumTrust Bank, praised Kaduna State Governor Uba Sani for successfully attracting investments to the region. Emefienim highlighted Sani’s visionary leadership and steadfast commitment to peace, unity, and progress, noting that these qualities have revitalised the hopes of the people in Kaduna State.
He made these remarks during the opening of the PremiumTrust Bank branch in Kaduna on Wednesday, July 30, 2025.
Emefienim stated, “Through improved security, urban renewal, economic diversification, infrastructural development, and youth empowerment, Governor Sani has created an environment where businesses can thrive and investments can flourish, positioning Kaduna as a preferred destination for partnerships like ours.”
He also remarked, “Kaduna’s political influence, entrepreneurial spirit, and urban renewal initiative make it a natural home for a forward-looking institution like PremiumTrust Bank.”
Emefienim addressed the residents of Kaduna, saying, “PremiumTrust Bank has arrived to work alongside you, invest in you, and grow with you. Together, we will write a new story of economic transformation and shared success.”
At the event, Governor Sani emphasised that the opening of the bank’s branch in Kaduna State represents a strong vote of confidence in the region’s growing economic strength and the reforms his administration has consistently pursued since 2023.
He described the bank’s commissioning as “an affirmation of our government’s tireless efforts to build an investment-friendly, growth-oriented business environment.”
Sani added, “From the beginning of our administration, we have recognised financial inclusion as the foundation of sustainable development. That is why my first Executive Order focused on expanding financial access for the underserved and unbanked.”
“Since then, we have enrolled over 2.5 million residents—particularly women, youth, and those underserved—into the formal financial ecosystem. We have increased support for Micro, Small, and Medium Enterprises (MSMEs), empowered agri-preneurs across all 23 local governments, and launched targeted social interventions.”
He concluded by stating, “The arrival of PremiumTrust Bank brings fresh momentum to these efforts, with new products, digital solutions, and literacy initiatives that will make banking accessible to everyone.”
