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.
Renaissance Africa Energy has completed the “acquisition of the entire (100%)” equity holding in Shell Petroleum Development Company of Nigeria (SPDC).
This is according to a statement on Thursday by the spokesman of Renaissance Africa Energy Holdings Tony Okonedo who said the acquisition was completed on the same day.
“This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited,” the statement added.
“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be ‘Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.’ We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act,” said the Managing Director/CEO of Renaissance Tony Attah.
He added: “We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic accelerator for the country’s industrial development”.
READ STATEMENT BELOW:
RENAISSANCE COMPLETES ACQUISITION OF SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA (SPDC)
Renaissance Africa Energy Holdings today announced that it has successfully completed the landmark transaction between itself and Shell for the acquisition of the entire (100%) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC). This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited.
Renaissance Africa Energy Holdings is a consortium consisting of four successful Nigerian independent oil and gas companies: ND Western Limited, Aradel Holdings Plc. FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with considerable operations experience in the Niger Delta, and Petrolin, an international energy company with global trading experience and a pan African outlook.
“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be “Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.” We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act” said Tony Attah, Managing Director/CEO of Renaissance who added that:
“We extend our appreciation to the Honourable Minister of Petroleum Resources, and the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as strategic accelerator for the country’s industrial development”.
Leader of the Senate, Senator Michael Opeyemi Bamidele
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The Leader of the Senate, Senator Opeyemi Bamidele on Tuesday reeled out the accomplishments of the 10th National Assembly, saying the upper chamber had been passing diverse laws aimed at creating an environment for economic competitiveness and positioning Nigeria for a $1 trillion economy by 2030.
Bamidele, currently representing Ekiti Central, added that many of these legislative initiatives are already making a difference in the daily lives of the citizenry and the collective prosperity of the country.
He made these remarks yesterday at a meeting with the delegation of the United Kingdom Parliament held at the conference room, New Senate Wing, National Assembly Complex, Abuja.
Led by MP Kate Osamor of Edmonton & Winchmore Hill, the delegation comprises a member of the Parliament for Dumfriesshire, Clydesdale & Tweeddale, Rt. Hon. David Mundell; member of the Parliament for Westminster North; Dame Karen Buck; member of the House of Lords; Lord Jonathan Oates; member of the Parliament for Worthing West; Dr Beccy Cooper and member of the Parliament for Plymouth Moor View; Rt Hon. Fred Thomas, among others.
At the session with members of the UK Parliament, Bamidele explained that the National Assembly would continue to play pivotal roles in building a resilient economy and functional political system, which guarantees the security of the citizenry.
He said: “Since the birth of the 10th Senate about two years ago, I have been discharging the duties of my office with modest records of accomplishment. One of such accomplishments is the timely passage of key legislations, particularly in the areas of fiscal reform and national security
“By engaging my colleagues across all political divides, we have successfully passed laws aimed at creating an environment for economic competitiveness and positioning Nigeria for a $1 trillion economy by 2030. I am proud to say that many of these legislative initiatives are already making a difference in the daily lives of our citizens.
“As we look towards the future, we remain deeply committed to strengthening Nigeria’s democratic institutions and ensuring that the National Assembly continues to play its pivotal role in building a resilient economy and a functional political system that guarantees the security of all.”
Bamidele disclosed that the nation’s parliament is building synergy with different parliamentary associations and institutions across the world to address the dearth of institutional capacity.
In her own presentation, the leader of the delegation, MP Kate Osamor, solicited for inclusion of more women in the National Assembly to address the existing gender gap in the nation’s electoral offices.
Osamor said: “We have to make sure more women are in the parliament. Every society is a reflection of elected representatives.”
On the issue of gender sensitivity, the senate leader promised the delegation that the 10th Senate would give priority attention to the issue, recalling that the 9th Senate was almost resolving the issue before it came to an end in June 2023.
The Central Bank of Nigeria (CBN) says charges will now apply anytime customers use the Automated Teller Machines (ATMs) of banks other than theirs.
This was contained in a circular dated February 10, 2025, and addressed to all banks and financial institutions, the apex bank’s acting Director of Financial Policy and Regulation Department, John Onojah.
“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the circular partly read.
The CBN directed banks and other financial institutions to apply the following charges with effect from March 1, 2025.
The apex bank said while customers withdrawing at the ATMs of their banks and financial institutions won’t be charged, customers withdrawing from the ATM of other banks would now be charged ₦100 per every ₦20,000.
The CBN said for off-site ATMs — automated teller machines not on a bank’s premises – like those at shopping malls, eateries and other public places — a surcharge of not more than ₦500 per every ₦20,000 will apply in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.
The apex bank attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services in the country.
“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the circular stated.
