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FG Proposes To Borrow N11.3trn To Fund N19.76trn 2023 Budget
The Federal Government has proposed to borrow N11.3 trillion to fund the N19.76 trillion proposed 2023 budget.
Tribune reports that the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, disclosed this while presenting the 2023 to 2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP) to the House of Representatives’ Committee on Finance chaired by Honourable Abiodun Faleke.
According to her, the fiscal parameters for the year showed that oil production volume was pegged at 1.69mbpd, oil benchmark – $70 per barrel, exchange rate – N435.57/$; N8.501 trillion as total oil and gas revenue; N1.105 trillion as derivation; N7.396 trillion as total oil and gas revenue after derivation; deductions – N3.538 trillion while other federally funded upstream projects pegged at N3.432 trillion.
The minister presented two scenarios of budget parameters on fuel subsidy estimated at N6.72 trillion for full year 2023 (business-as-usual scenario) as well as possible provision of N3.36 trillion for mid-year 2023 (reform scenario).
The lawmakers, however, expressed grave concerns over the rationale behind the spike in the fiscal deficit pegged at N11.30 trillion for 2023 against N7.35 trillion fiscal deficits for 2022.
While speaking on the overview of the Federal Government’s revenue for 2023 to 2025, the minister said
“In the first scenario, the 2023 Federal Government revenue is projected at N6.34 trillion, out of which only N373.17 billion or 5.9 percent comes from oil-related sources. The balance of N5.97 trillion is to be earned from non-oil sources.
In the second scenario, in addition to subsidy reform, this scenario assumes an aggressive implementation of cost-to-income limits of GOEs. With these, the 2023 Federal Government revenue is projected at N8.46 trillion (15.1 percent or N1.51 trillion less than the 2022 budget) but N2.12 trillion more than scenario one.
Of this N8.46 trillion, N1.99 trillion or 23.6 per cent is projected to come from oil-related sources, while the balance is to be earned from non-oil sources,” she said.
Speaking further on the Federal Government’s expenditures for the years under review, she said;
“In this (business-as-usual) scenario, given the severely constrained fiscal space, budget deficit is projected to be N12.41 trillion in 2023, up from N7.35 trillion budgeted in 2022, representing 196 per cent if total Federal Government revenues or 5.50 per cent of estimated GDP.
This is significantly above the three percent threshold stipulated in the Fiscal Responsibility Act, 2007 and there will be no provision for treasury-funded MDAs’ capital projects in 2023.
Federal Government’s 2023 aggregate expenditure is estimated at N19.76 trillion (inclusive of GOEs). In this scenario, the budget deficit is projected to be N11.30 trillion in 2023, up from N7.35 trillion in 2022.
This represents 5.01 percent of the estimated GDP, above the three percent threshold stipulated in the Fiscal Responsibility Act, 2007,” the minister noted.
While responding to questions on the low revenue from the oil sector, the minister said;
“From what has happened in 2022, what we are spending is not giving us much value because production continues to decline and what this means is whatever we are doing is not working and, therefore, we have to do something different.
My understanding is that security agencies, the National oil company and regulators have been working hard to find solutions and what they tell us is that they are beginning to see improvement; From the performance in April at 1.3 million barrels per day and by July it was 1.4 million.
We do hope that the increase will be very significant because it’s costing us not just N3.2 billion in terms of security cost, but also in the revenue we have earned. At 39 per cent, the oil and gas revenue as at April is at very low performance. We need to move oil and gas revenue threshold.
On the issue of Morocco Nigeria gas pipeline, the Federal Executive Council (FEC), a few weeks ago approved funding for the feasibility study which means that it’s still at the feasibility study phase.
In the MTEF for 2023 to 2025, we had removed the federation spending on that, assuming that transition of Nigerian National Petroleum Corporation (NNPC) to NNPC limited that they will be carrying that cost directly, not the federation. The Petroleum Industry Act has given the NNPC some independence from the federation. Also, as a registered company now under Company and Allied Matters Act (CAMA), they have to perform in line with the laws of CAMA.
A lot of the expenditure the federation used to carry will now be carried by NNPC limited. NNPC will be paying taxes and dividends and we believe in the medium term the federation will end up earning more revenue.
It also means that the NNPC will need to go and borrow money on its own. That will improve efficiency on the company. They have paid dividends and royalties to the federation which they were not doing before.”she said.
ADELIYI ADEBISI, professionally known as ADEBISI and also recognized as ADEXBARCA, is a UK-based gospel musician, praise leader, songwriter, and music producer dedicated to leading people into authentic worship through music.
With a passion for creating songs that inspire gratitude, faith, and heartfelt praise, ADEBISI has steadily built a growing reputation as one of the emerging voices in contemporary African gospel music. His sound blends Afro-gospel rhythms with powerful worship, delivering songs that resonate across cultures, generations, and languages.
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Nigerian Afrobeats artist and songwriter OJ Sular is bringing his energy, ambition, and street-inspired sound to listeners with the release of his single, Money Vibe. The track reflects his journey, determination, and vision of success while showcasing the unique style that continues to define his growing career.
Born Ojukwu Samuel Arinzechukwu on March 6, 2004, OJ Sular hails from Eha Amufu in Isi Uzo Local Government Area of Enugu State, Nigeria. Widely recognized by his stage names OJ Sular and Big OJ, he has steadily built a reputation as a versatile performer whose music blends Afrobeats, Afropop, Hip Hop, and Drill.
OJ Sular attended Ogbaete Primary School, Eha Ohuala Secondary School, and later Amaenyi Boys Secondary School in Anambra State. His passion for music developed at an early age, leading him to pursue a professional career built on authentic storytelling and energetic performances.
Money Vibe marks one of the defining records in OJ Sular’s musical journey. Originally gaining attention in 2019, the song introduced audiences to his signature sound and earned him recognition among fans who appreciate music that celebrates hard work, ambition, and the determination to rise above life’s challenges. His growing popularity has also earned him the nickname “King of the Street.”
Speaking about the song, OJ Sular said:
“Money Vibe represents the mindset of never giving up. It is about believing in yourself, staying focused on your goals, and working until your dreams become reality. I want listeners to feel motivated every time they hear the song.”
Beyond his work as a recording artist, OJ Sular is the founder of OJ Entertainment, an independent record label dedicated to promoting creativity and supporting emerging talent. His commitment to artistic independence continues to shape his career and vision for the future.
As one of the promising young voices emerging from Nigeria’s vibrant music scene, OJ Sular continues to connect with audiences through honest lyrics, memorable melodies, and performances that reflect both his personal experiences and his aspirations.
Money Vibe is now available on major digital streaming platforms worldwide @ https://ffm.to/oj-sular-money-vibe
About OJ Sular
OJ Sular, born Ojukwu Samuel Arinzechukwu, is a Nigerian singer, songwriter, and recording artist from Enugu State. Known for blending Afrobeats, Afropop, Hip Hop, and Drill, he has established himself as an independent artist with a growing fan base. Performing under the names OJ Sular and Big OJ, he is also the founder of OJ Entertainment, where he continues to create music that inspires, entertains, and represents the voice of a new generation.
It was the very first edition of Electrolytes, and somehow it already felt like a classic. The doors barely opened before the energy took over: glow foam drifting through the crowd, Jäger Energizers passed from hand to hand, strangers becoming dance partners within minutes. This was Lagos nightlife doing what it does best.
DJ Bellami, DJ SKB, DJ Valentino, Big Riki, DJ Instinct, DJ Spizzy, DJ OTB, DJ Xnel, Yanfssss, ReBellyus, Bus yi, and Ephraim (Talking Drummer) kept the crowd moving all night while Hypeman Holyfaze and Toby Shang made sure they stayed locked in from one set to the next. Together, they served up a seamless mix of Afrobeats, Amapiano, House, and global sounds that had guests dancing well into the early hours.
The night was elevated further Jägermeister, Belaire, Lightspeed, MyFlex Tickets, and Buzz & Bants, all of whom helped shape a complete celebration of music, culture, and connection. The event also had backing from The Scar Production, The Scar Bookings, and SDGV Audio. Between signature drink moments, Jäger Energizers making their way through the crowd, and a smoothly run event experience, there was something to enjoy at every turn.
The Scar Radio was founded in 2020 by Fabulous Fabuyi Adeniyi and operates from its studio in Lagos, with network branches in the United States and the United Kingdom. It is part of The Scar Global Group, which includes The Scar Production, The Scar Bookings, SCAR XYZ, and The Scar Accessories. Over the years, the radio station has served as a home for global talents and a launch pad for budding creatives and artistes.
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