General News
Senate passes revised fiscal framework, approves N16.39trn budget for 2022
The Senate has approved President Muhammadu Buhari’s revised submission of the 2022-2024 Medium Term Expenditure Framework.
The revised submission was received and referred to the Committee on Finance on Tuesday for expeditious consideration ahead of Thursday’s budget presentation to the National Assembly by President Buhari.
Consequently, the approval of the revised framework on Wednesday followed the consideration of a report by the Committee on Finance.
The Senate in its recommendation approved the aggregate expenditure of N16.39 trillion from the previous N13.98 trillion for the year 2022.
It also gave its nod to the retained revenue of N10.3 trillion; and N635.4 billion fiscal deficit.
The upper chamber also commended the Budget Office of the Federation and the Federal Ministry of Finance, Budget and National Planning for insisting that MDAs submit their revenue profile as premise for being captured in the 2022 budget proposal.
Chairman of the Committee, Senator Olamilekan Adeola, in his presentation, said that Gross Revenue Projection was decreased by N341.57 billion, from N8.870 trillion to N8.528 trillion.
According to him, deductions for Federally-funded upstream projects costs and 13 percent derivation was slashed by N335.3 billion and N810.25 million, respectively.
He added that while Net Oil and Gas revenue projection declined by N5.42 billion from N6.540 trillion to N6.535 trillion, Non-oil taxes remain unchanged.
He explained that the Federal Government’s retained revenue is projected to increase by N1.773 trillion, from N8.36 trillion to N10.13 trillion.
Adeola disclosed further that the new increase to the FGN Expenditure is N5.241 trillion.
Meanwhile, President Buhari in letter to the upper chamber dated October 4, 2021, explained that the revision was necessitated by the need to reflect the new fiscal terms in the Petroleum Industry Act, 2021, as well as other critical expenditures in the 2022 budget.
According to him, the underlying drivers of the 2022 fiscal projections, such as oil price benchmark, oil production volume, exchange rate, GDP growth, and inflation rate reflect emergent realities and the macroeconomic outlook, and remain unchanged as in the previously approved 2022-2024 MTEF/FSP.
“The PIA established a progressive fiscal framework aimed at encouraging investment in the Nigerian Petroleum Industry.
“This significantly alters the Oil and Gas fiscal terms and has necessitated changes in the 2022-2024 Medium Term Fiscal Framework.
“The fiscal effects of PIA implementation are assumed to kick in by mid-year 2022. The revised 2022-2024 Fiscal Framework is premised on hybrid of January-June (based on current fiscal regime) and July-December (based on PIA fiscal regime), while 2023 and 2024 are now fully based on the PIA”, he said.
Accordingly, President Buhari listed the changes to the 2022 Fiscal Framework projections, and approved by the Senate to include Gross Revenue projection decreased by N341.57 billion, from N8.870 trillion to N8.528 trillion; decreased deductions for federally funded upstream projects costs and 13 percent derivation by N335.3 billion and N810.25 million respectively; and Net Oil and Gas revenue projection declined by N5.42 billion from N6.540 trillion to N6.535 trillion.
Giving a breakdown of the projected increase in Federal Government’s revenue, he said N837.76 billion was from increase in revenue of Government Owned Enterprises; N697.6 billion from MDAs Internally Generated Revenue; the introduction of Education Tax of N306 billion and Dividend of N8.3 billion from the bank of industry as revenue lines; and FGN share of oil price royalty of N96.9 billion which is expected to be transferred to the Nigerian Sovereignty Investment Authority based on the provisions of the PIA.
He added that the FGN Aggregate Expenditure (including GOEs and Projected-tied Loans) was increased by N2.47 trillion, from N13.98 trillion to N16.45 trillion.
Buhari noted that the increase in expenditure was due to N100 billion additional provision to INEC, to cater for the 2023 General Elections; and the provision of N54 billion to NASENI, which represents 1 percent FGN share of Federation Account.
Others are additional provision of N510 billion in the Service Wide Votes to cater for National Poverty Reduction with Growth Strategy (N300 billion), Police Operations Fund (N50 billion), Hazard Allowance for Health Workers (50 billion), Public Service Wage Adjustments (additional N80 billion), and MDAs’ Electricity Bills Debt (additional N37 billion); and additional Capital provision of N1.70 trillion.
He explained that the provision for additional capital in the framework was as a result of projected increases in Capital Supplementation by N179.1 billion; GOEs Capital by N222.1 billion; TETFUND Expenditure by N290.7 billion; Multi-lateral/Bi-lateral Project-tied Loans by N517.5 billion; and MDAs Capital Expenditure by N390.5 billion (including N178.1 billion provision for population and housing census to be carried out in 2022.
At a solemn ordination service in Abuja, senior church leaders have called on pastors to make the well-being of their congregations a top priority, following the example of Jesus Christ.
Speaking during the priesthood ordination and installation of a Sub Dean at the Cathedral Church of Advent, Life Camp, Abuja, the retired Bishop of the Anglican Diocese of Okene, Rt. Rev. Emmanuel Ajulo, described pastors as shepherds charged with the care of their flock. He urged them to shun worldly distractions and focus on meeting the spiritual and material needs of their members.
Bishop Ajulo also encouraged the newly ordained priests to remain faithful to their calling by teaching God’s word without compromise.
In his charge, the Primate of the Church of Nigeria, Anglican Communion, Most Rev. Henry Ndukuba, urged the new clergy to preach the undiluted gospel and foster religious harmony wherever they serve. He expressed confidence that their new roles would help promote peace and unity in society.
The service also featured prayers for national leaders and divine intervention in addressing the current global economic challenges.
In a dramatic show of faith and patriotism, over 1,000 fiery prayer warriors from across Nigeria will descend on Ilorin, Kwara State, this Saturday, lifting their voices in intense intercession for President Bola Tinubu’s success and Nigeria’s survival in the face of biting economic woes and mounting insecurity.
The spiritual siege, themed “Walking in Domini”, is the maiden convention of the Organisation of African Instituted Churches (OAIC), with its Kwara State Chairman, Evangelist Thomas Adeboye, vowing that “heaven will hear and respond to Nigeria’s cry.”
Aside from marathon prayers, the gathering will roll out free medical outreach to locals across Kwara’s LGAs, a gesture aimed at touching both body and soul.
Adeboye, lamenting Nigeria’s “troubling economic and security realities”, called for a nationwide prayer uprising, insisting that Tinubu has shown the will to revive the nation but needs massive divine backing to succeed.
“Banditry, a collapsing economy, and political tension demand we seek God’s face like never before,” he declared. “We will storm heaven for wisdom for the President and governors to steer Nigeria to safety.”
The convention will also feature awards to distinguished personalities, soul-lifting worship, fiery sermons, and unity-driven lectures—all capped with thunderous prayers for Nigeria’s redemption.
Adeboye urged the President to ensure every policy has “a human face,” stressing that Nigerians must not only endure but also enjoy the fruits of governance.
With the OAIC promising to reaffirm believers’ authority in Christ and rally spiritual boldness in the face of national challenges, Ilorin is set to become the epicentre of a powerful spiritual warfare for Nigeria’s destiny.
…Church leaders accuse Welsh counterparts of “spiritual decadence” and “abandonment of faith”
The Church of Nigeria (Anglican Communion) has issued a forceful condemnation of the election of Rt. Rev. Cherry Vann, an openly lesbian cleric, as the Archbishop of Wales. The move is the latest in a series of developments that have deepened divisions within the global Anglican Communion over sexuality and doctrine.
In a statement from Primate The Most Rev’d Henry Ndukuba, the church denounced the election as a “serious departure from biblical teaching” and a sign of “spiritual decadence” and “an outright abandonment of the faith once delivered to the saints.”
Archbishop Ndukuba warned that Bishop Vann’s elevation compromises the Anglican Church’s global mission and could obstruct evangelism. He compared the situation to the controversial tenure of Most Rev. Katherine Jefferts Schori, former Presiding Bishop of the U.S. Episcopal Church, who also faced intense criticism from conservative Anglicans for her progressive views.
The Primate accused Bishop Vann of being complicit in the “ongoing crisis” around same-sex issues, stating that the election is a “clear revelation that many who claim to be members of the body of Christ cannot endure sound doctrine” (2 Timothy 4:3–4).
The Church of Nigeria called on Anglicans worldwide to reject “rebels” and “apostates” and to instead support conservative bodies like the Global Anglican Future Conference (GAFCON).
“The Church of Nigeria (Anglican Communion) condemns, unequivocally rejects, and will not recognize the election of Rt. Rev. Cherry Vann as Archbishop of Wales,” Ndukuba declared. He concluded with a solemn warning that without repentance, the Church in Wales risks losing “complete relevance” and its leaders will face judgment.
68 Nations Gather at Dunamis Glory Dome for 2025 Flaming Fire Conference
The 2025 International Ministers Flaming Fire Conference has drawn thousands of worshippers, church leaders, and delegates from more than 68...
“I Am Living Proof That God Still Saves – Faith Oyedepo Shares Testimony”
Faith Oyedepo, wife of the Founder and General Overseer of the Living Faith Church Worldwide, Bishop David Oyedepo, has shared...
Olukoya Ordains 5,000 Pastors at MFM Global Ministers Conference
The General Overseer of Mountain of Fire and Miracles Ministries (MFM) Worldwide, Dr. Daniel Olukoya, has ordained 5,000 men and...
From Barefoot Village Boy to Global Spiritual Leader: Adeboye Inspires at Church’s 50th Anniversary
Pastor Enoch Adeboye, General Overseer of the Redeemed Christian Church of God (RCCG), has shared a moving account of his...
Clergy Urged To Put Members’ Welfare Above All Else
At a solemn ordination service in Abuja, senior church leaders have called on pastors to make the well-being of their...