The proposed budget of N19.76 trillion for 2023 by the Nigerian Government with the deficit hovering between N11.30tn and N12.41tn in the 2023 fiscal year dominates the headlines of Nigerian newspapers on Tuesday.
The Punch reports that the Nigerian Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who made this known in Abuja on Monday, decried that the government might be unable to provide for treasury funded capital projects next year, especially due to dwindling revenue and payment of subsidies on Premium Motor Spirit popularly known as petrol.
Ahmed, in his presentation to the House of Representatives’ Committee on Finance at the hearing on the proposed 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, pointed out that crude oil production challenges and PMS subsidy deductions by the Nigerian National Petroleum Company Limited (formerly Nigerian National Petroleum Corporation) constitute a major threat to the country’s revenue growth targets.
She stated that bold, decisive and urgent action must be taken to address revenue under performance and expenditure efficiency at the national and sub-national levels.
The minister said, “In this scenario, the budget deficit is projected to be N11.30tn in 2023, up from N7.35tn in 2022. This represents 5.01 per cent of the estimated GDP (Gross Domestic Products), above the 3 per cent threshold stipulated in the Fiscal Responsibility Act, 2007.”
Ahmed, who analysed the available options, said the government could opt for payment of petrol subsidy from January to December, adding that, “Given the severely constrained fiscal space, budget deficit is projected to be N12.41tn in 2023, up from N7.35tn budgeted in 2022, representing 196 per cent of total FGN revenue or 5.50 per cent of the estimated GDP.”
The newspaper says that International Committee of the Red Cross has said no fewer than 25,000 people have been reported missing in Nigeria.
The organisation said out of the figure, 14,000 were children whose whereabouts remained unknown.
In a statement to mark the International Day of the Disappeared, in Abuja on Monday, ICRC’s Head of Delegation to Nigeria, Yann Bonzon, stated that the documented cases of missing persons were on the rise.
ICRC also disclosed that these registered cases do not capture the full scope of the often-neglected and tragic humanitarian issue.
The statement partly read, “In Nigeria alone, over 25,000 people have been reported missing. Almost 14,000 or more than half of the missing are children.
“There are over 35 active armed conflicts in Africa today, thousands of people, including children, cross borders, the Sahara Desert and the Mediterranean Sea in search of safety and a better life each year. Such movements often entail great risk, including the risk of disappearance
“Sadly, the almost 14,000 children registered does not capture the full scope of this often-neglected and tragic humanitarian issue. There is no doubt that there are more children whose fate remains unknown.”
The Guardian reports that the Federal High Court, Lagos, has stopped President Muhammadu Buhari and National Broadcasting Commission (NBC) from revoking the licenses of 53 broadcast stations in the country and shutting them down for allegedly failing to renew their licenses.
Justice Akintayo Aluko, yesterday, granted an order of interim injunction following hearing of an argument on motion ex parte by Socio-Economic Rights and Accountability Project (SERAP) and Nigerian Guild of Editors (NGE).
The suit was adjourned till September 8, 2022 for hearing of the motion on notice for interlocutory injunction.
Recall that SERAP and NGE had, last week, filed a suit against Buhari and NBC, asking the court for a declaration that Section 10(a) of the Third Schedule to the NBC Act used by NBC to threaten to revoke the licenses and shut down the stations is unconstitutional and unlawful, as it violates freedom of expression.
The duo asked the court for an order of interim injunction restraining Buhari, NBC and their agents from taking the action, pending hearing and determination of the motion on notice filed contemporaneously in this suit.
The suit followed the decision by the NBC to revoke the licenses within 24 hours over alleged N2.6 billion debts.
In the suit (FHC/L/CS/1034/2022), SERAP and NGE are asking the court to determine whether Section 10(a) of the Third Schedule of the NBC Act used by NBC is not inconsistent with freedom of expression and access to information.
They both are also seeking a declaration that Section 10(a) of the Act used by NBC unilaterally is a violation of the constitutionally and internationally guaranteed right to fair hearing.
“The media plays an essential role as a vehicle or instrument for the exercise of freedom of expression and information – in its individual and collective aspects – in a democratic society.”
“According to the Declaration of Principles on Freedom of Expression in Africa adopted by the African Commission on Human and Peoples’ Rights, ‘licensing processes shall seek to promote diversity in broadcasting. Any registration system for the media shall not impose substantive restrictions on the right to freedom of expression.’
“Revoking the licenses of 53 broadcast stations and shuttin
The newspaper says that the International Air Transport Association (IATA), yesterday, applauded Nigeria’s decision to release $265 million of foreign airlines’ funds stranded in the country, urging the operators to keep serving the market.
IATA, which is the umbrella body for over 290 global airlines, also urged Nigeria to workout the release of the $200 million balance, and put in place measures to avert accumulations.
In a related development, Emirates Airlines has introduced four-weekly flights on Lagos routes, effective September 11.
Foreign airlines and travel operators, at the weekend, heaved a sigh of relief following the Central Bank of Nigeria’s (CBN) release of $265 million out of foreign carriers’ $465 million stranded in Nigeria.
The sector has lately been apprehensive over the stranded funds. Emirates airline, among others, had notified the government and customers of its plans to halt Nigerian operations, effective September 1, 2022.
IATA’s Regional Vice President Africa & Middle East, Kamil Alawadhi, yesterday, said they welcome the Nigerian Government’s partial release of blocked funds.
Alawadhi said they would continue to engage with Nigeria on expediting the release of the remaining amount, so that airlines could continue providing the connectivity Nigeria requires, without disrupting and harming its economy and jobs.
“We encourage other countries, in Africa and elsewhere, that are blocking the repatriation of foreign airlines’ funds, to follow Nigeria’s example and release the money they are withholding.
“Without it, airlines cannot afford to serve those countries. This would be detrimental to the people and businesses that depend on the market connectivity those airlines provide.
“IATA speaks and leads the industry on matters of common interest. While IATA cannot speak for individual airlines, we hope the release of blocked funds with assurances and safeguards to prevent a recurrence, will persuade affected carriers to continue serving Nigeria,” he said.
Even after this welcome and sizable release, there will still be more than $200 million of airlines’ funds blocked in Nigeria.
As previously reported by IATA, the following other African countries continue to block airlines’ funds: Zimbabwe $100m, Algeria $96m, Eritrea $79m, and Ethiopia $75m.
Emirates in a notice to its trade partners, entitled: “Emirates reinstates flight to Nigeria”, stated that operations to Nigeria will be reinstated with a four-weekly Lagos flights EFF on September 11, 2022, contrary to its usual 14-weekly flights.
The carrier added that Lagos flights beyond September 30, 2022, would be advised in due course.
GIK/APA