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MDAs must be made to generate N1trn annually to fund budget – Lawan

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President of the Senate, Ahmad Lawan, has said that the National Assembly would mount more pressure on revenue generating agencies to ensure that they remit N1 trillion naira in revenues annually to enable the federal government fund its budget.

Lawan stated this in his remarks after the chamber approved President Muhammadu Buhari’s submission of the revised 2022-2024 fiscal framework.

The Senate President explained that generating more revenues through the agencies will reduce government’s deficit and dependence on external borrowing to fund the country’s national budget.

He noted that increased revenue can be realized, if the Executive and Legislature collaborate to ensure that revenue generating agencies remit all monies collected to the treasury.

He said, “I’m sure that those MDAs that remitted N400 billion could possibly have remitted N1trn naira, if we had pushed harder.

“So, we need to push harder because what this means is a revelation, that many of these MDAs have been cornering funds that ordinarily should have gone to the treasury.

“But for many years, they have been taking the funds unfairly and illegally. So, we should not be content with only N400 billion naira.

“It is a good thing that it happened, because that is an exposure of what they have been doing.

“But we must insist that it goes beyond the N400 billion naira. I’m sure we can get even more than N1 trillion.

“I agree that we need more revenues, so that we are able to fund our budget with less deficit.

“But we can only achieve that if the Executive and Legislature work hard to ensure that the revenue generating and collecting agencies perform their jobs very well and remit the funds to the treasury.”

Speaking on government’s resort to external borrowing, Lawan said, “I also agree that the deficit or the borrowing is a bit high.

“But then again, the choice is limited, because on one breadth we cannot say that we will not borrow because it is becoming too much, when we don’t  have ways and means of funding infrastructural development in the country.

“[And] we cannot say we should just fold our arms and not do anything because the country will never move. So, it’s a catch-22 situation.

“I believe that we need to be very mindful that we need to reduce the borrowing, but that means we have to improve on the revenue that we receive.

“I believe that the additional revenues that have not been captured like the TETFUND, Bank of Industry and so on, were before just left out of the federal budget. Now, we can see everything, and we need to see more.”

Contributing to the debate on the revised 2022-2024 fiscal framework, Senator Chukwuka Utazi (PDP, Enugu North) advised the federal government to take seriously the issue of diversifying the Nigerian economy.

The lawmaker harped on the need to explore alternative revenue sources such as mining to boost the country’s revenue figures, warning that “the time of oil is over”.

Senator Betty Apiafi (PDP, Rivers West) described the government’s decision to jerk up the 2022 budget projection from 13.98 trillion to N16.45 as over ambitious and a proposal taken too far.

She added that one of the major challenges confronting the national budget is the absence of funds appropriated for under-recovery.

“No matter how much you get in terms of revenue, and we are really struggling, under-recovery can wipe that out”, the lawmaker said.

Apiafi  called for sanctions on any Ministry, Department and Agency of Government found to have violated the provisions of the Appropriations Act.

She insisted that the sum of N510 billion for Service Wide Vote in the 2022-2024 revised framework was “outrageous”, adding that the National Assembly must be given a breakdown on how the amount would be used by the executive.

Meanwhile, a total of six bills on Wednesday scaled second reading in the Senate.

The bills are: Disaster and Risk Management Council of Nigeria Bill, 2021; Federal Capital Territory University of Science and Technology Abaji (Establishment) Bill, 2021; and Microbiology Council of Nigeria Bill, 2021.

Others are the Federal Eye Centre, Ochadamu Bill, 2021; A bill to Repeal the Legal Practitioners Act, 2004; and the Legal Education Act (Amendment) Bill, 2021.

The bills were referred by the Senate President, Ahmad Lawan, to the Committees on Establishment and Public Service; Tertiary Institutions and TETFUND; Health (Secondary and Tertiary); and Judiciary, Human Rights and Legal Matters.

The Committees were all given four weeks to report back to the upper chamber.

In a related development, President Muhammadu Buhari’s request for the confirmation of Engr. Farouk A. Ahmed as Chief Executive Officer of the Board of the Nigerian Midstream and Downstream Petroleum Regulatory Authority was referred by the Senate President to the Committee on Petroleum Resources (Upstream).

The Committee is expected to report back in four weeks.

Also referred was the President’s request to confirm Hon. Justice Husseini Baba Yusuf as Chief Judge of the FCT High Court, Abuja.

The request was referred to the Committee on Judiciary, Human Rights and Legal Matters, for it to also report back in four weeks.

 

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Business & Economy

FG Rules Out Electricity Tariff Hike, Targets 24-Hour Power Supply

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The Federal Government has ruled out any plan to increase electricity tariffs, saying its priority is to improve power supply and ensure reliable electricity across the country.

The Minister of Power, Joseph Tegbe, gave the assurance in Ibadan, Oyo State, on Thursday, amid concerns and speculation about a possible increase in electricity tariffs.

Tegbe spoke during the groundbreaking ceremony for five interconnected mini-grid projects with a combined generation capacity of 17.7 megawatts and a 17.74-megawatt-hour Battery Energy Storage System (BESS).

“I want to say this clearly and without ambiguity: there is no plan to increase electricity tariffs. What we are planning is a power sector that works around the clock. Our commitment is 24/7 power,” the minister said.

He urged Nigerians to disregard reports suggesting an impending tariff hike, stressing that the government was focused on improving electricity generation, transmission and distribution.

The five mini-grid projects are located in Bola, Jiboye, Molade-Adelubi, Ogo Oluwa and Sooko-Elega. They are expected to provide electricity to communities across Akinyele, Ido, Ibadan North, Egbeda and Lagelu Local Government Areas of Oyo State.

According to the minister, the projects are designed to expand electricity access, reduce dependence on petrol and diesel-powered generators, and create a more favourable environment for businesses, investment and job creation.

Tegbe said the Federal Government was also implementing a broader energy strategy aimed at improving electricity supply through designated energy corridors, including the Lagos-Ogun, Abuja-Kaduna-Kano and Benin-Enugu-Port Harcourt corridors.

He added that efforts were underway to strengthen the national grid and upgrade generation and transmission infrastructure across the country’s eastern, western and central corridors.

The minister described the mini-grid initiative as part of President Bola Tinubu’s Renewed Hope Agenda, noting that similar electricity interventions had been implemented in communities across several states with support from the Rural Electrification Agency (REA).

He commended Tinubu for his leadership and acknowledged the contributions of the REA, project developer Paras Energy and Natural Resources Development Limited, the World Bank and the Ibadan Electricity Distribution Company.

Tegbe also recognised the Oyo State Government, traditional rulers and other stakeholders for their roles in facilitating the projects.

The initiative is expected to improve electricity reliability in the beneficiary communities, support local economic activities and reduce energy costs for households and businesses.

 

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Oyedele Warns Against New Taxes, Urges Governments to Explore Revenue Alternatives

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President Bola Ahmed Tinubu
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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against imposing new taxes or increasing the tax burden on vulnerable citizens and productive sectors amid economic pressures.

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand, where he presented the communiqué of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

The minister said governments should prioritise identifying areas of savings, improving revenue mobilisation and strengthening fiscal management rather than introducing additional tax burdens that could further strain households and businesses.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Oyedele made the remarks while responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public expenditure.

He urged governments to look inward for savings and explore more efficient ways of generating revenue while protecting vulnerable populations from further financial pressure.

On public borrowing, the minister said debt financing remained necessary to support economic growth but stressed that borrowed funds should be deployed to stimulate job creation and promote inclusive development.

He noted that governments should prioritise limited public resources for essential services, including healthcare and education, while leveraging private capital to support other investment needs.

Oyedele also cautioned against treating taxation and borrowing as mutually exclusive options, explaining that both have economic implications and must be carefully balanced.

According to him, excessive taxation of vulnerable households could reduce their capacity to afford basic necessities, including food, healthcare and education.

He described public debt as a future tax burden, emphasising the need for governments to adopt fiscal policies that balance present revenue needs with long-term economic sustainability.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” he said.

The minister’s remarks underscore the need for developing economies to strengthen domestic revenue mobilisation, improve public spending efficiency and manage debt sustainably without undermining household welfare or productive economic activities.

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Over 67,000 Nigerians Benefit From Consumer Credit Scheme — Tinubu

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President Bola Ahmed Tinubu
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President Bola Tinubu has said that 67,512 Nigerians across 25 states and the Federal Capital Territory (FCT) have so far benefited from credit backed by the National Credit Guarantee Company (NCGC).

Tinubu disclosed this on Monday in a series of posts on his official X account as Nigeria prepares to celebrate its 66th Independence Day.

According to the President, the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to provide ₦46.95 billion in loans.

He said 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.

Tinubu noted that more than 22,000 Nigerians had entered the formal credit system for the first time through the scheme, giving them an opportunity to build credit records that could improve their access to future loans.

The consumer credit scheme was launched in July 2026 by the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy.

The President said the initiative was part of his campaign promise to move Nigeria towards a credit-based economy and make financing more accessible to individuals and businesses.

He said CREDICORP enables working Nigerians to access consumer credit, while the National Education Loan Fund (NELFUND), Bank of Industry and Development Bank of Nigeria provide financing in other sectors.

Tinubu explained that the NCGC was established to reduce the risks faced by financial institutions when lending to businesses and individuals without sufficient collateral or credit history.

He said the company currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.

The President added that businesses supported through the NCGC scheme were estimated to have created 661,291 direct and indirect jobs.

He said the impact of the scheme showed how government reforms could translate into economic opportunities for Nigerians.

“Our reforms laid the foundation. Credit gives Nigerians the means to build on it,” Tinubu said, adding that the Federal Government would continue to expand access to credit across the country.

He described the development as evidence of his administration’s efforts to fulfil its campaign promises, saying, “Promise made, promise kept. We are moving from reforms to opportunities. Nigeria First.”

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