Finance Minister: Revenue Is Nigeria’s Problem, Not Debt - Newstrends
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Finance Minister: Revenue Is Nigeria’s Problem, Not Debt

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The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, says lack of adequate revenue to finance both human and capital infrastructure should be the major worry of Nigeria, not the current debt it owes.

 

Ahmed made the remarks at the Public presentation and Breakdown of the Highlights of the 2022 Appropriation Bill to justify the current level of the federal government borrowing to finance the deficit of the budget.

 

She stated that with the federal government expected to spend N16 trillion in the proposed 2022 Budget, its expenses are minute to the combined over N100 trillion spent on the Nigerian economy.

 

She said at 21.6 percent borrowing for the 2022 Budget, Nigeria needs 50 percent of its current GDP to be able to have infrastructural development and growth that would translate into meaningful economic growth.

 

“What we have is a revenue problem and we are working on it to be able to fully fund the operations of government as well as be able to service our debt obligations.”

 

“Borrowings are essential for us to be able to continue to deploy necessary capital expenditures as well as human development.”

 

She added that the federal government has to borrow to spend more to invest in infrastructure as it would lead to more job creation, spending and taxes.

 

Why Nigeria’s debt exceeded 3 per cent of the GDP

 

“If you look at the Fiscal Responsibility Act, Section 41.1, it is clearly that the country can borrow for investing in capital expenditure and human development as long as the borrowing does not exceed 3 per cent of GDP.

 

“This year we have exceeded the 3 per cent by 0.39 per cent but this has been allowed in the Fiscal Responsibility Act. A provision that says that Mr. President can exceed the 3 per cent threshold where there is a national emergency. It is our collective view that the current security situation that we have, the need to properly address the economic conditions occasioned by the Covid-19 pandemic and the crash of crude oil crash qualify as national emergency.”

 

She added that exponential growth of Nigeria’s public debt was due to the spending made to come out fast from the two recessions the economy entered.

 

Defence and security spending contributed to huge fiscal deficit

 

The Minister blamed spending to be made on defence and security for widening the fiscal deficit for the 2022 Budget.

 

“With the pervasive security challenges within the country, there is a need for sustained funding of the security services and this has necessitated massive expenditures in security equipment and operations and has contributed to the fiscal deficit. Defence and the security sector account for 22 per cent of the budget expenditure for 2022.”

 

Breakdown of budget

 

A breakdown of the 2022 Budget would resort to N6.83 trillion spent on recurrent expenditure; N5.35 to go on capital expenditures and N3.61 trillion to be spent on debt servicing.

 

Meanwhile, revenue would be generated through: oil revenue N3.53 trillion; taxes to contribute N2.132 trillion; independent revenue would yield N1.816 trillion; retained government organisations and enterprises, N1.728 trillion and other revenue sources to bring N924.31 billion.

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MURIC Blasts Nigeria Over UNGA Stance on Palestine, Netanyahu

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MURIC Blasts Nigeria Over UNGA Stance on Palestine, Netanyahu
MURIC Executive Director, Professor Ishaq Akintola

MURIC Blasts Nigeria Over UNGA Stance on Palestine, Netanyahu

The Muslim Rights Concern (MURIC) has launched a scathing criticism of Nigeria’s conduct at the 2026 United Nations General Assembly, accusing the Federal Government of failing to give the Palestinian crisis the attention it deserves.

MURIC said Nigeria’s failure to include the Palestinian question in its position paper, coupled with its decision not to join countries that walked out during Israeli Prime Minister Benjamin Netanyahu’s address, was deeply regrettable.

The group’s Executive Director, Professor Ishaq Akintola, made the allegations in a statement issued on Saturday, September 26, 2026.

MURIC described Nigeria’s performance at the international gathering as “shocking, woeful, deplorable and despicable,” arguing that the country should have taken a stronger position on the humanitarian situation in Gaza.

According to the organisation, Nigeria failed to include the Palestinian question in its position paper presented during the UN General Assembly on Thursday, September 24.

The group further alleged that Nigerian delegates declined to join 77 other countries whose representatives walked out of the General Assembly chamber during Netanyahu’s speech.

MURIC: Gaza crisis cannot be ignored

MURIC said Nigeria’s position was particularly disturbing against the backdrop of the humanitarian crisis in Gaza and the international legal controversy surrounding Netanyahu.

“Bearing in mind the universal notoriety of the Israeli Prime Minister, the fact that he is now an international criminal who has been declared wanted by the International Criminal Court (ICC) and the horrendous crimes against humanity committed by Israel against the people of Gaza, we consider Nigeria’s performance at the international event as shocking, woeful, deplorable and despicable,” Akintola said.

The organisation also cited casualty figures which it said showed the scale of the devastation in Gaza.

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MURIC stated that more than 73,922 Palestinians had been killed, while about 174,995 others had been wounded.

The group said Gaza’s medical facilities had been stretched beyond their limits, while large parts of the territory had suffered extensive destruction.

According to MURIC, women and children constitute a substantial proportion of those affected by the conflict.

Food, water, electricity crisis

The Islamic rights organisation also raised concerns about what it described as prolonged shortages of essential supplies in Gaza.

MURIC alleged that Palestinians had endured shortages of food, water, fuel and electricity, with children and pregnant women among those affected.

The group further claimed that homes were still being demolished and that children in Gaza had been deprived of normal access to education.

“The people of Gaza had no food, no water, no fuel and no electricity for months. Children and pregnant women are among the Palestinian victims deprived of essential facilities. As we speak, hundreds of Gaza homes are being demolished. Gaza children cannot go to school,” the statement said.

‘Hold Nigerian government accountable’

MURIC called on Nigerians who are concerned about justice and human rights to scrutinise the Federal Government’s position on the Palestinian issue.

The organisation urged Nigerians to demand explanations for Nigeria’s diplomatic decisions at the United Nations, particularly its decision not to participate in the walkout during Netanyahu’s address.

“We charge Nigerians who believe in justice, fairness and the interconnectivity of humanity to hold the current government of Nigeria accountable for smearing the image of our great country, for mortgaging its future and for hobnobbing with capitalist imperialists who are bent on oppressing poor nations of the world,” Akintola said.

The group also called on Nigeria’s human rights community to publicly speak out over the country’s position on Palestine.

MURIC urges human rights groups to speak up

“We urge the Nigerian human rights community to speak up on Nigeria’s regrettable stance on the Palestinian question,” the statement added.

MURIC’s criticism comes amid continuing international debate over the war in Gaza, the humanitarian situation in the territory and the diplomatic positions adopted by governments at the United Nations.

The organisation maintained that Nigeria, as one of Africa’s major diplomatic powers, should pay greater attention to issues of civilian protection, human rights and the Palestinian question when taking positions at international forums.

MURIC Blasts Nigeria Over UNGA Stance on Palestine, Netanyahu

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Keyamo: ₦70,000 Minimum Wage No Longer Enough as Cost of Living Soars

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Keyamo: ₦70,000 Minimum Wage No Longer Enough as Cost of Living Soars
Minister of Aviation, Featured Keyamo

Keyamo: ₦70,000 Minimum Wage No Longer Enough as Cost of Living Soars

Minister of Aviation and Aerospace Development, Festus Keyamo, has acknowledged that Nigeria’s ₦70,000 national minimum wage is no longer sufficient for workers to cope with the rising cost of living.

Keyamo made the statement at the 2026 National Pre-Retirement Summit, organised by XEM Consultants Limited in Abuja, where discussions focused on workers’ welfare, remuneration and the economic challenges confronting Nigerians.

The minister said economic pressures had substantially weakened workers’ purchasing power, making it necessary to consider an upward review of wages.

He urged the Federal Government and organised labour to find common ground in their ongoing discussions over workers’ pay, saying the government should meet labour “midway” rather than allow disagreements over the size of a proposed increase to stall negotiations.

Keyamo, who previously served as Minister of State for Labour and Employment, recalled the negotiations that led to the increase in Nigeria’s minimum wage from ₦30,000 to ₦70,000 in 2024.

According to reports of his remarks, he argued that the present wage was no longer sufficient to absorb the economic pressures facing workers.

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The minister’s comments came amid renewed pressure from organised labour for improved wages and measures to reduce the impact of rising living costs.

Reports indicate that labour representatives have cited figures as high as ₦500,000 in current discussions on a new minimum wage. The figure has been reported as a labour demand or opening position rather than an agreed new wage.

The debate is also taking place ahead of the expected review of the current wage framework. Reports from the summit said the current minimum-wage cycle, following reforms reducing the review period from five years to three, is due for review around 2027.

Keyamo also raised concerns about government spending priorities, particularly situations in which workers allegedly struggle to receive basic allowances while substantial resources are approved for official international trips.

He stressed the importance of workers to national productivity, arguing that the economy and government cannot function effectively without them.

Also speaking at the summit, Nigeria Labour Congress President Joe Ajaero reportedly argued that the real value of workers’ earnings should be measured by their purchasing power rather than the nominal amount printed on their pay slips.

Ajaero called for salaries and pensions to be linked to inflation or a cost-of-living index, arguing that such a mechanism would allow workers’ incomes to respond more directly to changes in the prices of essential goods and services.

The labour leader also called for government intervention to cushion workers against the impact of higher food and transportation costs.

The latest statements from Keyamo and labour leaders have renewed attention to the gap between Nigeria’s ₦70,000 statutory minimum wage and the cost of meeting basic household needs, as preparations for another wage review gather momentum.

For many Nigerian workers, the emerging wage debate is increasingly centred not simply on the amount stated on their monthly pay slip, but on what that income can actually buy amid rising prices.

Keyamo: ₦70,000 Minimum Wage No Longer Enough as Cost of Living Soars

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Jetour Takes Adventure Beyond the Road, Brings Solar-powered Borehole to Ibeju-Lekki community 

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Jetour Takes Adventure Beyond the Road, Brings Solar-powered Borehole to Ibeju-Lekki community 

 

Jetour Nigeria has taken its SUV adventure beyond the asphalt, combining a high-octane convoy through some of Lagos toughest coastal trails with a humanitarian intervention that delivered clean, reliable water to the people of Iwerekun Orile, Ibeju Lekki.

The automaker’s 2026 Africa Expedition last Saturday turned into more than a showcase of automotive power and off-road capability as the convoy of eight Jetour models arrived at the Roman Catholic Mission Primary School, Iwerekun Orile, to commission a new solar-powered borehole for the community.

The convoy, comprising the Jetour Dashing, X50, X70 Plus, X90 Plus, T2, T2 PHEV, X70 PHEV and flagship G700, departed Falomo Square, Ikoyi, after a road safety briefing by the Federal Road Safety Corps.

Escorted by personnel of the Nigeria Police Force and the Lagos State Traffic Management Authority, the convoy moved through Victoria Island and beyond the city’s urban landscape before tackling difficult stretches of the Coastal Highway.

The demanding terrain, characterised by swampy sections, rocks and uneven trails, provided an opportunity for the vehicles to demonstrate their off-road capability and endurance.

But beyond the adventure and display of automotive technology, the expedition took on a more significant purpose when the convoy arrived at the Roman Catholic Mission Primary School, Iwerekun Orile.

There, Jetour Nigeria commissioned a new solar-powered borehole, providing the school and surrounding community with access to clean and reliable water.

The intervention was greeted with excitement as schoolchildren, traditional leaders, farmers and market women turned out to welcome the visitors with cultural performances.

Jetour also distributed food items to households in the community, while pupils received books and refreshments.

A representative of Jetour Nigeria, Kemi Adeola, said the initiative reflected the company’s belief that its activities should extend beyond automobiles to making a positive difference in the communities it reaches.

“This is where adventure meets purpose,” Adeola said. “Our mission doesn’t stop at building capable vehicles; it lives in our pledge to drive tangible progress and touch the hearts of the communities we reach.”

The community’s traditional leader, High Chief Michael Oluwa, described the water project as an unprecedented development in the history of Iwerekun Orile and pledged that residents would protect and maintain the facility.

The head teacher of the school, Mrs Ariyike Bakre, also expressed gratitude to Jetour, describing the intervention as a lifetime gift to the school and community.

“This is my first time seeing a solar-powered borehole,” Bakre said, adding that the facility would make a significant difference to the children and residents.

She thanked Jetour for making it possible for the community to witness the commissioning of the project.

The expedition later ended at a beach lounge, where the drivers, organisers and participants relaxed over food, music and entertainment.

For Jetour Nigeria, however, the significance of the expedition extended beyond conquering difficult terrain. It demonstrated how an automotive adventure could be linked to community development, leaving behind not only memories of a demanding road trip but also a lasting source of clean water for Iwerekun Orile.

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