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Buhari presents 2023 Budget of N20.51tr with deficit of N10.78tr

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**To borrow N8.80 trillion to finance the deficit

President Muhammadu Buhari on Friday laid N20.51 trillion 2023 budget before the National Assembly with deficit of N10.78tr

He indicated that the budget, which was raised from N19.76 trillion, is a reflection of the serious challenges currently facing Nigeria.

According to President Buhari, the budget comes with N10.78 trillion deficit, and the Nigerian government would need to borrow a total of.

The breakdown of the budget shows that new borrowings of N206.18 billion would come from Privatization Proceeds, while N1.77 trillion would be obtained from bilateral/multilateral creditors, which would be for specific development projects or programmes.

According to him the budget deficit of N10.78 trillion is 4.78 per cent of estimated gross domestic product (GDP). This is above the three per cent threshold set by the Fiscal Responsibility Act 2007.
What to expect next year with Nigeria’s 2023 budget?
Speculation by analysts indicated total expenditure for the Federal Government would gulp a whopping sum of N20.51 trillion in 2023. Buhari disclosed that the expenditure includes N2.42 trillion spending by Government-Owned Enterprises.
The significant expenditure surpasses the N16.87 trillion revenue he projected for 2023.
Other breakdown of the budget shows that the oil price benchmark should be at least $70 per barrel in 2023, even though the oil price is currently $89.31.
Buhari intimsted the lawmakers that Nigeria will produce daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day).
This is below the 1.830 million barrels per day quota currently set for Nigeria by the Organisation of Petroleum Exporting Countries plus (OPEC).
According to Buhari, the foreign exchange rate between naira and the US dollar is expected to trade at a range of N435.57/$1. Prime Business Africa understands this means the naira will devalue next year.
Based on the current exchange rate as at Thursday, October 6, 2022, which is N437.5/$1, the naira will depreciate by -0.44 per cent in 2023, losing around N1.93 in value. ,
Buhari’s administration projected GDP growth rate of 3.75 per cent despite the economic challenges driven by the war between Russia and which has continued disrupting global economies,

He projected inflation to climb down from the current 20.52 per cent to 17.16 per cent inflation rate in 2023, when his administration will wind down, with a new government coming in.
Buhari ialso nducated that, “The expenditure policy of Government in 2023 is designed to achieve the strategic objectives of the National Development Plan 2021 to 2025, including macroeconomic stability.

According to him, it also included human development; food security; improved business environment; energy sufficiency; improving transport infrastructure; and promoting industrialization focusing on Small and Medium Scale Enterprises.

“Against the backdrop of the challenging global and domestic economic environment, it is imperative that we strengthen our macroeconomic environment and address subsisting challenges as a country. The 2023 Appropriation therefore is a Budget of Fiscal Sustainability and Transition. Our principal objective in 2023 is to maintain fiscal viability and ensure smooth transition to the incoming Administration.”

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Legislature

NASS modifies NDLEA Act, Prescribes Life Imprisonment for Drug Traffickers

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The National Assembly has modified the National Drug Law Enforcement Agency (NDLEA) Act to prescribe life imprisonment for individuals found guilty of storing, transporting, or concealing illicit drugs and substances. 

The amendment was adopted on Thursday during plenary, presided over by Deputy Senate President Barau Jibrin, following broad support from the senators.

The amendment reflects a harmonised position of the Senate and the House of Representatives on Section 11 of the NDLEA Act. 

The House had earlier passed an amendment prescribing life imprisonment for drug traffickers, while the Senate had proposed the death penalty.

To reconcile the differences, a conference committee of both chambers was convened. Senator Tahir Monguno, Chairman of the Senate Committee on Judiciary, Human Rights, and Legal Matters, presented the harmonised version to the Senate. 

He urged lawmakers to adopt the House’s position of life imprisonment, arguing that enforcing the death penalty could lead to the execution of over 900 accused persons currently awaiting trial for drug-related offenses.

The Deputy Senate President who presided over the plenary had put the resolution to a voice vote, and the majority of senators supported the amendment. 

The approved version stipulates life imprisonment for offenders.
The amended section now reads:
“Anybody who is unlawfully involved in the storage, custody, movement, carriage, or concealment of dangerous drugs or controlled substances and who, while so involved, is armed with any offensive weapon or is disguised in any way, shall be guilty of an offence under this Act and liable on conviction to be sentenced to life imprisonment.”
This amendment aims to strengthen the fight against drug trafficking while addressing concerns over human rights and the judicial implications of the death penalty.
The move is part of efforts to curb the growing menace of drug trafficking and its adverse effects on Nigerian society. According to Senator Monguno, the life imprisonment penalty strikes a balance between deterrence and humane judicial practice.
With the amendment, the NDLEA now has a robust legal framework to prosecute offenders and combat drug-related crimes effectively.

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Legislature

President Tinubu urges Senate to approve ₦1.767trn External Loan

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Bola Ahmed Tinubu

President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a $2.209 billion (₦1.767 trillion) external borrowing plan to finance part of the ₦9.17 trillion fiscal deficit in the 2024 budget. The loan, included in the 2024 Appropriation Act, is critical to the government’s broader strategy for economic recovery and growth.
In a letter to Senate President Godswill Akpabio, President Tinubu noted that the borrowing aligns with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003. He also indicated that the Federal Executive Council (FEC) had approved the plan.
The President explained that the funds would be sourced through Eurobonds or similar external financial instruments. A detailed summary of the loan’s terms and conditions accompanied the letter to guide legislative scrutiny.
“This borrowing is necessary to address the budget deficit and fulfill our fiscal strategy for 2024. Swift approval will enable us to move forward with mobilizing these funds,” the President stated, emphasizing the urgency of the request.
Senate President Akpabio referred the matter to the Committee on Local and Foreign Deb

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Legislature

Senator Natasha Transforms Kogi Central Schools with 5,000 Digital Learning Devices

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By Isah Bala

Access to quality education is a cornerstone of societal progress, and Senator Natasha Akpoti-Uduaghan is embodying this vision by bringing transformative educational tools to Kogi Central. In a groundbreaking initiative, the senator recently provided 5,000 digital learning devices to public primary and secondary schools in her district, aiming to bridge the digital divide and set a new educational standard.

The devices, unveiled at Abdul Aziz Attah Memorial College (AAAMCO), are preloaded with the Nigerian curriculum from UBEC and internationally acclaimed educational resources, including Khan Academy and Discovery Kids. Through this initiative, students will experience interactive learning, enabling them to explore subjects in depth, enhance digital literacy, and engage with complex topics in a hands-on way.

This project is just the beginning of Senator Natasha’s ambitious plan to make “smart schools” the norm in Kogi Central. She envisions a future where every child in her district has equal access to digital learning, stating, “My dream is to equip all public primary and secondary schools in Kogi Central with digital learning devices before the end of my tenure in 2027.”

Beyond device distribution, the senator’s initiative includes UBEC-led teacher training to ensure educators are equipped to integrate these tools into their classrooms effectively.
With this dual approach of student and teacher empowerment, Senator Natasha is laying a foundation that will support digital literacy and skill development for years to come.

Senator Natasha’s commitment to educational advancement represents a significant step forward for Kogi Central, ensuring that young students have access to the tools they need to succeed in an increasingly digital world. This initiative marks her dedication to the constituency that entrusted her with this mandate.

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