FG seeks N4.89tn loan to fund 2022 budget - Newstrends
Connect with us

Business

FG seeks N4.89tn loan to fund 2022 budget

Published

on

The Federal Government has announced plans to fund its 2022 budget deficit with N4.89 trillion external and domestic loans.

This is contained in the 2022-2024 medium-term expenditure framework/ fiscal strategy paper (MTEF/FSP), approved by the Federal Executive Council (FEC) on Wednesday.

Minister of Finance, Budget and National Planning, , Zainab Ahmed, told journalists at the end of the FEC meeting that the FG’s projected budget deficit for 2022 is N5.62 trillion, up from N5.60 trillion in 2021.

She said the deficit would be financed by fresh local and international loans as well as other sources.

“This amount represents 3.05 per cent of the estimated GDP, which is slightly above the three per cent threshold that is specified in the Fiscal Responsibility Act,” she said.

The minister also said, “The FRA empowers Mr President to exceed the threshold in his opinion, the nation faces national security threats. And it is our opinion on fact agreed that we can exceed.

“The deficit is going to be financed by new foreign borrowing and domestic borrowing, both domestic and foreign in the sum of N4.89 trillion on privatisation proceeds of N90.73 billion and drawdowns from existing project tied loans of N635 billion.”

She noted that the projected debt to revenue ratio in the report is 43 per cent.

The minister said, “We know Nigerians all have concerns about the actual debt to revenue ratio in 2019 was 58 per cent. So, this is an improvement over the preceding 2019. In 2020, the ratio was up to 85 per cent. So 2022 is a significant improvement.”

Ahmed said the FEC approved an aggregate of N13.98 trillion, which is three per cent higher than the 2021 budget for expenditure.

“We have also presented to the Federal Government the projected revenues for 2022 to 2024. Specifically for 2022, the revenue that we expect is N6.54 trillion and 2.62 trillion to accrue to the federation account on VAT, respectively,” she added.

The FG in 2020 also exceeded three per cent fiscal borrowing threshold because of the COVID-19 pandemic.

Loading

Auto

Jetour X90 Plus Combines Power, Luxury, Family-Friendly Space in One Package

Published

on

Jetour X90 Plus Combines Power, Luxury, Family-Friendly Space in one Package

 

As demand grows for spacious, feature-rich and value-driven SUVs in Nigeria, the Jetour X90 Plus is carving out a strong reputation as a premium family vehicle that seamlessly combines luxury, advanced safety technology and impressive performance.

Designed to meet the needs of modern families and ambitious professionals, the seven-seater SUV delivers a compelling blend of comfort, practicality and innovation, making it one of the standout contenders in Nigeria’s highly competitive mid-size SUV market.

The Jetour X90 Plus offers an appealing mix of generous cabin space, refined styling and cutting-edge technology, positioning it as a vehicle built for both daily commuting and long-distance travel.

Its growing presence in the Nigerian market is further strengthened by an extensive dealership network comprising Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R. T. Briscoe Motors and Mandilas Autos, according to a statement by Jetour Nigeria Mobility Services.

The SUV’s bold exterior is defined by a prominent hexagonal grille, sleek LED headlamps and a commanding road presence that projects confidence and sophistication.

Under the hood, the X90 Plus is available with two turbocharged powertrains.

The 1.6-litre turbo engine generates 197 horsepower and 290Nm of torque, while the 2.0-litre turbocharged variant delivers a more robust 254 horsepower and 390Nm of torque.

Both engines are mated to a seven-speed dual-clutch transmission and front-wheel-drive system, ensuring responsive performance, fuel efficiency and smooth handling across varying road conditions.

Measuring 4,858mm in length, 1,925mm in width and 1,780mm in height, the SUV translates its substantial dimensions into a remarkably spacious interior.

The seven-seat cabin features premium materials, soft-touch finishes and elegant wood accents, while generous headroom and legroom across all three rows provide comfort for every occupant.

A panoramic sunroof further enhances the airy and luxurious feel of the interior.

Technology is at the heart of the driving experience, with a 12.3-inch LCD touchscreen infotainment system supporting phone mirroring, Bluetooth connectivity, voice control and wireless charging.

The climate control system is managed through a digital touchscreen interface and includes automatic rear and roof-mounted air vents, as well as an air purification function.

Occupant comfort is enhanced by power-adjustable front seats equipped with heating, ventilation, memory settings and lumbar support, while an eight-speaker Sony sound system provides a premium audio experience.

Safety remains one of the vehicle’s strongest selling points. The X90 Plus comes equipped with multiple airbags, Vehicle Stability Control, Advanced Emergency Braking, Hill-Start Assist, Hill-Descent Control, an Electronic Parking Brake with Auto Hold and a high-mounted stop lamp.

The SUV also features an array of advanced driver-assistance technologies, including a 360-degree camera with 2D and 3D viewing options, forward collision warning, parking sensors, radar monitoring and lane departure warning, all designed to improve safety and driver confidence.

Additional convenience features include smart keyless entry, push-button start, electronic gear selection, multiple drive modes, cruise control, automatic tailgate operation and advanced LED lighting systems.

Jetour Nigeria says the X90 Plus is supported by a comprehensive aftersales programme that includes warranty coverage, trained technicians and readily available spare parts, reinforcing the brand’s commitment to reliability, customer satisfaction and long-term ownership value.

Loading

Continue Reading

Business

Dangote Refinery Announces New Petrol Price as Crude Oil Eases

Published

on

Dangote Refinery Announces New Petrol Price as Crude Oil Eases

Dangote Refinery Announces New Petrol Price as Crude Oil Eases

The Dangote Petroleum Refinery has announced a ₦75 reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, lowering the rate from ₦1,250 to ₦1,175 per litre in a move expected to influence Nigeria’s downstream fuel market.

In a notice issued to fuel marketers, the refinery said the adjustment takes effect from midnight on June 16, 2026, and applies to all outstanding but yet-to-be-loaded gantry volumes, which will be repriced at the new rate. The company also reduced its coastal petrol price per metric tonne from ₦1,595,790 to ₦1,495,215, reflecting a broader downward review across its pricing structure.

The refinery explained that the decision was influenced by the easing of geopolitical tensions in the Middle East, which had previously driven up global energy costs and caused volatility in the international oil market. It added that improved diplomatic engagements around key global shipping routes, including the Strait of Hormuz, have helped stabilize crude oil movement and pricing.

The international oil market had experienced significant pressure in recent months following tensions between major global powers, which pushed crude prices above $120 per barrel at the peak of the crisis. However, with renewed diplomatic discussions and easing tensions, crude prices have begun to stabilize, recently trading around the $80 per barrel range, offering some relief to refining and import costs globally.

READ ALSO:

Since crude oil is the primary raw material for petrol production, changes in global prices directly affect refined product pricing across markets, including Nigeria.

The latest price adjustment positions the Dangote refinery as one of the most competitive suppliers in Nigeria’s deregulated downstream sector. Industry data from market tracking platforms indicate that petrol is currently being sold by some marketers at around ₦1,240 per litre, depending on logistics, location, and distribution costs.

The reduction is expected to gradually influence retail pump prices nationwide, although final consumer prices will still depend on transportation costs, dealer margins, and regional supply dynamics. Regulatory oversight is provided by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which continues to monitor pricing trends and market stability in the downstream sector. Major industry players such as NNPC Limited are also expected to adjust their pricing strategies in response to shifts in the refinery’s ex-depot rates.

The latest petrol price reduction in Nigeria is expected to bring moderate relief to consumers already grappling with fluctuating fuel costs. However, analysts note that despite lower ex-depot prices, retail fuel prices may vary across states due to logistics costs and supply chain factors. If global crude oil prices remain stable or continue to decline, further downward adjustments in fuel prices may be possible in the coming weeks.

Dangote Refinery Announces New Petrol Price as Crude Oil Eases

Loading

Continue Reading

Business

SERAP Takes NNPCL to Court Over Alleged ₦5.9bn Rebranding Expenditure

Published

on

SERAP Takes NNPCL to Court Over Alleged ₦5.9bn Rebranding Expenditure

SERAP Takes NNPCL to Court Over Alleged ₦5.9bn Rebranding Expenditure

The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) to court over an alleged ₦5.9 billion expenditure linked to the incorporation, transition and rebranding of the former Nigerian National Petroleum Corporation (NNPC) into NNPCL.

The lawsuit, filed at the Federal High Court in Abuja and marked FHC/ABJ/CS/1248/2026, seeks an order compelling NNPCL to provide a comprehensive account of how the funds were spent and whether all approvals and procurement procedures were properly followed.

According to SERAP, the disputed amount comprises about ₦2.9 billion reportedly spent on incorporation expenses from petroleum product proceeds and another ₦2.9 billion allegedly charged by the National Petroleum Investment Management Services (NAPIMS) to crude oil revenues for the transition process.

The rights group is asking the court to direct NNPCL to release a detailed reconciliation statement showing all financial transactions related to the expenditure. SERAP is also seeking information on contractors involved in the rebranding exercise, the services they rendered, and the amounts paid to them.

In addition, SERAP wants NNPCL to disclose the identities and official positions of government officials who approved and authorized the expenditure. The organization argues that Nigerians have a constitutional right to know how public resources were utilized during the transformation of NNPC into NNPCL.

READ ALSO:

The suit was filed by SERAP’s legal team, including Oluwakemi Agunbiade, Kehinde Oyewumi and Andrew Nwankwo. According to the organization, transparency and accountability are essential in the management of public funds, particularly in the oil and gas sector, which remains one of Nigeria’s most important sources of revenue.

SERAP maintained that the public deserves answers regarding who approved the spending, who received the funds, and whether the expenditure represented value for money. The organization further argued that the alleged failure to account for the funds raises concerns about public trust and good governance.

The lawsuit also references concerns reportedly raised by the Senate Committee on Public Accounts, which questioned the size of the expenditure and reportedly called for further explanations and legislative scrutiny.

Before approaching the court, SERAP had written to President Bola Tinubu, urging him to direct anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to investigate the reported spending and identify those responsible for approving and receiving the funds.

According to SERAP, the matter goes beyond financial disclosure and touches on broader issues of accountability, transparency and responsible management of national resources. The organization contends that failure to provide details of the expenditure may be inconsistent with constitutional provisions designed to promote openness in public administration.

SERAP also cited Nigeria’s obligations under international anti-corruption frameworks, including the United Nations Convention Against Corruption (UNCAC) and the African Charter on Human and Peoples’ Rights, which emphasize transparency and accountability in the management of public resources.

The transformation of NNPC into NNPCL followed the implementation of the Petroleum Industry Act (PIA) 2021, which restructured the national oil company into a commercially oriented limited liability company wholly owned by the Federal Government. The transition was officially unveiled in July 2022 as part of efforts to reform Nigeria’s petroleum industry and improve operational efficiency.

As of the time of filing this report, no hearing date has been fixed for the case, while NNPCL has not publicly responded to the allegations contained in the lawsuit.

SERAP Takes NNPCL to Court Over Alleged ₦5.9bn Rebranding Expenditure

Loading

Continue Reading

Trending