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Senate Bows to Pressure, Approves Buhari’s N22.7trn Ways and Means Spending

By Eze Okechukwu, Abuja
The Senate yesterday approved the request of President Muhammadu Buhari to restructure the N22.7 trillion loans the Central Bank of Nigeria (CBN) extended to the federal government under its Ways and Means provision.
The Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.
Since the government started experiencing a significant shortfall in revenue, it has relied heavily on the central bank to finance its expenditure programmes via Ways and Means which balance as of December 19, 2022 stood at N22.
7 trillion.The Federal Government had said it will repay the loan with securities such as treasury bills and bonds issuance.
President Buhari had last year asked the Senate to approve his proposal to securitize the loan but the Red Chamber rejected the request, citing lack of details.
Buhari, while appealing to the Senate to reconsider its stand, said failure to grant the securitization approval will however cost the government about N1.8 trillion in additional interest in 2023.
The Senate Leader, Ibrahim Gobir, who led the Senate in the debate for the approval of the Ways and Means yesterday, explained that part of the money were given as loans to states.
Gobir added that the Special Committee set up by the Red Chamber to scrutinize the fiscal document, put up the report after ‘critical analysis and review of submissions made by the Federal Ministry of Finance, Budget and National Planning; and the Central Bank of Nigeria.
The Senate Leader said the panel discovered that the Ways and Means balance was initially N19,326,745,239,660.20 as of 30th June, 2022 but later grew to N22,719,704,774,306.90 as of 19th December, 2022 as a result of financial obligations to on-going capital projects and additional expenditures which includes domestic debt service gaps and interest rate;
He said the Senate on Wednesday, 28th December, 2022, approved the sum of N819, 536,937,813 from the one trillion naira additional request made by Mr. President, Commander-In-Chief of the Armed Forces leaving an outstanding balance of N180, 463,062,187 being the accrued interest on the sum;
He said the House of Representatives had earlier approved the additional one trillion naira Ways and Means Advances requested by Mr. President Commander-In-Chief of the Armed Forces to enable the smooth implementation of the supplementary budget;
“Part of the Ways and Means monies were given to State Governments as loans to augment budgetary short fall in their various States;
“That most of the request for funds for increase in Ways and Means were made to Mr. President on the need to finance the budget due to revenue shortfall.
“Such requests were either made by the Hon. Minister of Finance, Budget and National Planning or the Central Bank Governor.
“That the Federal Government as a resuit of revenue shortfalls occasioned by the COVID-19 pandemic and low oil prices, relied heavily on the Ways and Means to finance its budget deficit to keep the country working for the people.
“That the monies received by the Federal Government were actually used funding of critical projects across the country;
“That due to the serious short fall in Government Revenue, the Federal Government in order for the economy not to collapse, was complied to borrow repeatedly from the CBN, exceeding the 5 percent threshold of the prior year’s revenue as stipulated by the CBN Act, 2007.
“That the Federal Government through the Ministry of Finance, Budget, and National Planning has concluded plans to convert the CBN loans to tradeable securities such as treasury bills and bond issuance,” he said.
Gobir said the Senate Special Committee after exhaustive deliberations, recommended among others, the restructuring of N22, 719,703,774,306.90 for Ways and Means Advances be approved because the advances were made to ensure that the government does not shutdown;
The panel further sought the approval of the Senate for the sum of N180, 463,062,187 being the balance of the supplementary budget and the interest accrued on the Ways and Mean Advances.
Other recommendations were, “That if there Is a need to exceed the 5 per cent threshold of the prior year’s revenue, recourse must be made to the National Assembly for approval;
“That the Federal Government should begin the process of recovering the portion of the Ways and Means given as the loans to State Governments as further deferment of the repayment of the loans by the States will not be healthy for the economy;
“That the Federal Government through the Ministry of Finance, Budget and National Planning should expedite action on the repayment of the loans through treasury bills and bond issuances.
“That the National Assembly will not condone future increase in the Ways and Means without seeking the approval of the National Assembly.”
Senate President, Ahmad Lawan, after the approval of the fiscal document, noted that the Ways and Means Advances was a global practice.
He, however, faulted the process adopted by the executive arm of government which failed to carry the National Assembly along while accumulating the huge amount of loans.
Lawan added that the Senate had to pass the Ways and Means Advances so that the federal parliament would be able to consider and pass the 2022 Supplementary Budget still pending before the two chambers.
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May 29th Tragedy: Flash flood kills 21and wash away 50 houses in two Niger Communities

From Dan Amasingha, Minna
Tragedy struck in two Niger Communities as flash accompanied by heavy down pour that lasted for hours led to heavy flood that claimed 21 lives and washed away over 50 houses. The heavy down pour which started late on Wednesday, the 28th of May lasted till mid Thursday leaving behind tells of woes and deaths.
Niger State emergency management agency confirmed the deadly flood in a statement by the Director General Abdullahi Baba Ara on Thursday evening. ” NSEMA is in receipt of report of a deadly flood disaster that ravaged two communities of Tiffin maza and Anguwan hausawa in Mokwa town of Mokwa LGA” He disclosed that, the incidence occurred last night (Wednesday)during a torrential downpour of very high intensity that lasted several hours.According to him, the surging flood water submerged and washed away over 50 residential houses with their occupants.Tge Agency Director General disclosed that, ” in response the Agency, in collaboration with Mokwa LG Authority, local divers and very brave volunteers are conducting search and rescue operation to rescue survivors and recover corpses .” At present 3 servivors ( a woman and her 2 children) are receiving treatment for wounds and shock at Mokwa general, while 21 corpses have so far been recovered of those who sadly loss their lives in the incidence” Alhaji Abdullahi Baba Ara said over 10 persons are still missing as search and rescue operation is still ongoing.COVER
My Administration, Policies Are Working, Says Tinubu

By Andrew Oota , Abuja
President Bola Tinubu has declared that his administration’s economic reforms and policies were working for the progress of Nigeria and the good of all.
The President also stated that his administration would make life better for Nigerians acknowledging the sacrifices made so far, with a conviction that his vision for the country is clear.
Tinubu said this in a statement issued to commemorate the second anniversary of his administration on Thursday, May 29, 2025.
He stated that his administration had stabilised the nation’s economy, noting that “we are now better positioned for growth and prepared to withstand global shocks.
”He pointed out that , “Today, I proudly affirm that our economic reforms are working. We are on course to build a greater, more economically stable nation.
“Under our Renewed Hope Agenda, our administration pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift our people out of poverty.
“While implementing the reforms necessary to strengthen our economy and deliver shared prosperity, we have remained honest by acknowledging some of the difficulties experienced by our compatriots and families.
”We do not take your patience for granted. I must restate that the only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging naira, and an economy in a free-fall.
“Despite the bump in the cost of living, we have made undeniable progress.”
The president further stated that he acknowledged the sacrifices many Nigerians have been making for the development of the country, adding: “Our journey is not over, but our direction is clear. So is our resolve to tackle emerging challenges.
“By the Grace of God, we are confident that the worst is behind us. The real impact of our governance objectives is beginning to take hold.
“The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of.” He said.
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Seven Months After, Reps Pass Harmonized Tax Reform Bills

By Eze Okechukwu and Ubong Ukpong,Abuja
House of Representatives on Wednesday passed the tax reform bills transmitted to the National Assembly by President Bola Tinubu in October 2024.The bills were passed at a session presided over by the Deputy Speaker, Benjamin Kalu.
The development followed the adoption of the harmonised versions of the reform bills by both the House and the Senate. At plenary on Wednesday, the House of Representatives considered the report of the conference committee, which harmonised the bills. The Chairman of the House Committee on Finance, Abiodun Faleke (APC, Lagos), who headed the House team to the conference committee, presented the conference report to the House for consideration.According to him, the Conference Committee met and agreed on all areas of difference in the version passed by both chambers of the National Assembly. He stated that there were 45 areas of difference in the Nigeria Tax Administration Bill, 12 areas of difference in the Nigeria Revenue Service Bill, 9 areas of difference in the Joint Revenue Board Bill and 46 areas of difference in the Nigeria Tax Bill, adding that all grey areas were resolved ahead of the passage. While the conference committee agreed to retain the Senate version in some of the clauses, they also retained the House version in some others, making amendments in a few others. The conference committee agreed to the imposition of a 4 per cent development levy on the assessable profit of all companies chargeable to tax under Chapters 2 and 3, except small companies and non-resident companies. They also agreed that the levy shall be collected by the Nigeria Revenue Service and paid into a special account created for the same purpose.In the sharing formula, the committee agreed that 50 per cent of the tax would go to the Tertiary Education Trust Fund, 15 per cent to the Education Loan Fund (up from 3 per cent agreed by the House), and 8 per cent to the Nigeria Information Technology Development Fund.
Similarly, the National Agency for Science and Engineering Infrastructure is to get 8 per cent (down from 10 per cent earlier agreed by both chambers), the National Board for Technology Incubation is to get 4 per cent from the fund, defence and security infrastructure is to get 10 per cent while cyber security fund will get 5 per cent.
Meanwhile, the Social Security Fund, Nigeria Police Trust Fund, and National Sports Development Fund were excluded from the list of beneficiaries passed by the House of Representatives.
The committee also adopted a new clause 158, which imposes a 5 per cent surcharge on chargeable fossil fuel products provided or produced in Nigeria and shall be collected at the time a chargeable transaction occurs.
The controversial Value Added Tax sharing formula was not part of the areas of disagreement between the two legislative chambers.
In his remarks, Kalu said the parliament has played its part in ensuring that the country moves forward, even as he urged the executive arm of government to do its part.
In his contribution, a member of the House representing Gwoza/Damboa/Chibok Federal Constituency, Borno State, Ahmed Jaha warned those who will clean up the bill not to tamper with any of the clauses passed, saying “Where the T is not crossed, don’t cross it, where the I is not dotted, don’t do it. We have the original copies of the bills as passed before and after harmonisation.
“We have had cases in the past where those in charge of cleaning up the bills tamper with it and at the end of the day, the President will withhold assent. That must not happen.”
That said, the All Progressives Congress lawmaker singled out Speaker Tajudeen Abbas and Deputy Speaker, Benjamin Kalu for praise, saying, “I want to thank your leadership for the role you played in making these bills a success. I also want to thank the Chairman of the Committee, Abiodun Faleke. He showed that he is truly a good elder. He provided a lot of training for some of us, and I want to say that this is the way to go.”
In a related development, the Senate has approved the Rivers State 2025 budget for a second reading.
The budget, which totals ₦1,480,662,592,442 trillion, was presented by the Senate Leader, Senator Michael Opeyemi Bamidele, on Wednesday.
Bamidele explained that the Senate had assumed legislative powers over Rivers State following the declaration of a State of Emergency in the state.
Supporting the motion, Senator Solomon Adeola Olamilekan emphasised the urgency of passing the budget to ensure that the people of Rivers State feel the impact of governance.
He said, “Mr. President, I am not exactly sure under what title this document is categorised, but from what I can see, it pertains to a budget under the state of emergency. I hereby support its passage for second reading so that the people of Rivers can feel the presence of government.”
With no opposition to the motion, the Senate President, Godswill Akpabio, conducted a voice vote and referred the budget to the Ad-hoc Committee on Overseeing the Rivers State of Emergency for further legislative action.
Senate announced that the Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ekwe Ibas, along with other key state officials, would appear before a Joint National Assembly Ad-hoc Committee to defend the state’s 2025 budget. NASS holds commemorate 25 years of democracy, holds joint session,
Also,President of the Senate, Senator Godswill Akpabio, has announced that a joint session of the National Assembly will be held on June 12 to commemorate Democracy Day.
He made the announcement after the upper chamber reconvened for plenary on Wednesday.
Akpabio revealed that the Senate leader, Senator Opeyemi Bamidele, the Senate minority leader, Senator Abba Moro as well as the Chairman senate services, Senator Sunday Karimi will meet with their counterparts in the House of Representatives to finalize the programme of activities and coordinate arrangements for the special session.