Politics
Senate Approves 2020-2022 MTEF,FSP …Raises FG’s Expenditure Estimates
The Senate yesterday, approved the 2020 to 2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper(FSP).
The approval, followed the adoption of a 16-point recommendations by the National Assembly Joint Committee Finance and National Planning which considered the MTEF and FSP documents.
Part of the recommendations approved by senate was to increase the Federal Government’s total expenditure estimates in the MTEF/FSP from N10.002 trillion to N10,729.4 trillion.
This amounts to an increase of additional N729 billion.
The joint committee had conducted a public hearing on the MTEF and FSP on October 2.
The committee had engaged revenue generating agencies in the country on the contents of the MTEF and FSP forwarded by President Muhammadu Buhari for consideration.
Following, debates by over 20 senators on the recommendations, senate adopted the 57dollars per barrel as crude oil benchmark price for the fiscal year 2020.
It also approved the retaining of N305 to one dollar to ensure economic stability.
It also adopted 2.18mbpd as daily crude oil production output in 2020.
It noted that the 2.18mbpd approved would be realised, given concerted effort by Nigerian National Petroleum Corporation (NNPC) and security agencies to combat oil theft and vandalism.
It also recommended an increase in the revenue target of Nigeria Customs Service(NCS) from N942.6 billion to N1.5 trillion,given the performance of the NCS in the last nine months.
It further recommended that N557.4 billion from the revenue increment of NCS be used to reduce borrowing by N200 billion and increase capital expenditure.
This,it said would help decrease the size of the budget deficit from N1.7 trillion to N1.5trillion and also increase capital available to MDAs by N357 billion from N1.01trillion to N1.367 trillion.
It recommended the adoption of N1.5trillion as the amount for new borrowing,adding that the borrowing must be tied to critical projects to increase productivity.
It also recommended the earmarking of 1 per cent of the consolidated revenue to finance basic health care.
It recommended that proper investigation be carried out on the electronic collection of stamp duties domiciled with the Central Bank of Nigeria(CBN)to ensue accountability and increase revenue base.
It also recommended proper investigation on NNPC to ascertain the actual cost associated with the joint venture oil agreements.
It recommended for a call for an urgent review of the Fiscal Responsibility Act and other laws of the revenue generating agencies to align with current realities.
It further urged the national assembly to expedite action on the passage of the finance bill which would be brought along with the budget.
2020 budget by President Muhammadu Buhari.
Lawan said there was the need for the Federal Inland Revenue Services (FIRS) to widen the tax net to generate more revenue for capital expenditure.
Lawan said there was the need for other revenue generating agencies to provide their revenue performances, noting that only that of the NCS was indicated in the recommendation.
He also called for the diversification of the economy from a mono economy via agriculture, solid minerals and tourism
Politics
I Chose Nigeria Over Personal Loyalty To Obasanjo — Atiku
Alhaji Abubakar, who is also the 2027 presidential candidate of the African Democratic Congress (ADC), stressed that Chief Obasanjo’s latest public outburst against him is yet another failed attempt to rewrite history.
Alhaji Abubakar specifically said that if the true history of Chief Obasanjo’s political journey is ever written—free from selective recollection and personal bitterness, he (Atiku) would feature prominently as one of those whom God used to change the course of his (Obasanjo) life and political career.
These were contained in a statement the Senior Special Assistant on Public Communication to the former Vice President, Mr Phrank Shaibu, released in which Atiku said he watched the former President’s interview with profound sadness, but not anger, because it reflected the disposition of a man who has allowed personal resentment to cloud historical truth.
Alhaji Abubakar said the genesis of Chief Obasanjo’s hostility towards him is well known to Nigerians, stressing that he is proud that he stood against the third-term agenda and stood by the constitution of the Federal Republic of Nigeria.
In the words of Alhaji Abubakar: “I have no apology whatsoever for frustrating every attempt to subvert our democracy for personal ambition. If Chief Obasanjo’s bitterness stems from my refusal to support an unconstitutional third term, then I wear that resentment as a badge of honour.
“No individual, regardless of his status or accomplishments, is bigger than the Federal Republic of Nigeria. The Constitution is supreme, and I chose Nigeria over personal loyalty”.
Alhaji Abubakar noted that the struggle against the third-term agenda was never about two individuals, but about preserving Nigeria’s constitutional democracy for future generations.
He said: “The Nigerian people won that battle. Democracy won that battle. History has already delivered its verdict. It Is therefore unfortunate that the same man whose unconstitutional ambition was resisted now seeks to sit in judgment over those who defended the Constitution”.
The ADC Presidential candidate said it was particularly instructive that barely twenty-four hours before Chief Obasanjo’s latest outburst, the Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, publicly paid glowing tribute to the economic management team he led, describing it as “the best Nigeria has ever had”.
“Whether or not the timing is merely coincidental is for Nigerians to judge. What is beyond dispute, however, is that while distinguished Nigerians who served at the highest levels continue to acknowledge my contributions to one of Nigeria’s most successful periods of economic management, Chief Obasanjo appears determined to diminish them.
“Chief Obasanjo may choose not to appreciate my role in building one of Nigeria’s most prosperous economic eras, but history has been far kinder. The record speaks for itself, and so do the testimonies of those who worked closely with that administration,” he said.
Alhaji Abubakar further stated that Nigerians also deserve to remember the other side of history which Chief Obasanjo conveniently omits, saying: “History records that while Chief Obasanjo was in prison, I stood firmly by him. I supported his family, worked tirelessly with other patriots for his release and never wavered in my belief that he deserved his freedom”.
He further said: “When he eventually regained his freedom, he had little to his name. I received him, clothed him, ensured he was properly cared for and extended every support necessary to help him regain his footing.
“Beyond that, I mobilised political structures, built alliances and made enormous personal and political sacrifices that culminated in his emergence as President of the Federal Republic of Nigeria”.
Alhaji Abubakar, however, said he harbours no regrets over any of those acts.
According to him: “Do I regret helping Chief Obasanjo? Absolutely not. When God gives you the opportunity to lift another human being, you do so without expecting repayment. Acts of kindness are matters of conscience, not commercial transactions”.
He added, however, that gratitude should never be replaced with revisionism.
Alhaji Abubakar particularly expressed disappointment that, at a time when Nigeria is battling economic hardship, mass unemployment, insecurity and widespread despair, a former President would devote so much energy to recycling old grudges instead of contributing solutions to the country’s challenges.
In the words of Atiku: “The 2027 election should be about rebuilding Nigeria, restoring security, reviving the economy and giving hope to the next generation—not reopening old political wounds”.
The former Vice President said he had deliberately maintained restraint over the years out of respect for the office Chief Obasanjo once occupied and in deference to the relationship they once shared.
He said: “That restraint should never be mistaken for weakness or docility. There comes a point when silence in the face of repeated distortions of history ceases to be a virtue. While I have no desire to engage in a public quarrel with a man I once stood beside in his most difficult moments, neither will I permit falsehoods, half-truths and calculated attempts to rewrite history to go unanswered.
“Chief Obasanjo is entitled to his opinions. He is entitled to his personal grievances. What he is not entitled to, are his own facts,” Alhaji Abubakar insisted.
The ADC presidential candidate reaffirmed that his attention remains firmly fixed on Nigeria’s future.
According to him; “I have chosen the path of service over resentment, vision over vendetta and national renewal over personal recrimination. Those who mistake my civility for capitulation, or my restraint for weakness, make a grave mistake.
“History is stubborn. It cannot be rewritten by bitterness, nor erased by repeated falsehoods. In the end, history will render its verdict—and so will the Nigerian people,” he stated.
Politics
INEC Releases Campaign Timetable For 2027 General Elections
According to the electoral umpire, campaigns for the presidential and National Assembly elections will commence on August 19, 2026, and end on January 15, 2027, exactly 24 hours before the elections scheduled for January 16, 2027.
INEC also announced that campaigns for governorship and State Houses of Assembly elections will begin on September 9, 2026, and conclude on February 5, 2027, ahead of the polls slated for February 6, 2027.
The commission explained that the campaign schedule complies with the Electoral Act 2026, which stipulates that electioneering activities must not begin earlier than 150 days before an election and must end at least 24 hours before voting.
INEC urged political parties, candidates and other stakeholders to strictly adhere to the approved timetable and conduct their campaigns in accordance with the law, while encouraging the public to obtain electoral information only from its official communication channels to avoid misinformation.
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