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President Bola Tinubu has said Nigeria is taking a significant step towards a sustainable and eco-friendly future by introducing a pioneering initiative to deploy a fleet of 100 electric buses.
The president spoke at a high-level meeting with stakeholders and investors on the Nigeria Carbon Market and Electric Buses Rollout Programme on Saturday in Dubai, United Arab Emirates, on the margins of the COP28 climate summit.
President Tinubu, in a statement by his spokesman, Ajuri Ngelale, explained that the strategic initiative was aimed at significantly reducing Nigeria’s carbon footprint and modernizing the country’s transportation systems as part of a larger effort to position Nigeria and Africa as the pioneering frontier of green manufacturing and industrialization with a focus on natural gas as a transition fuel alongside other renewable energy sources.
To spearhead this transformative plan, the president announced the appointment of the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, and the Director-General of the National Council on
Climate Change (NCCC), Mr. Dahiru Salisu, to co-chair the Nigeria Carbon Market Activation Plan.
”This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative. Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.
”We recognize the imperative of fostering an environment that not only attracts investment but also upholds standardized and sustainable industrial practices. As a manifestation of our forward-thinking approach, we are actively looking to implement robust, enabling policies and frameworks that will serve as the catalyst for the burgeoning growth of the carbon market within our national borders.
”In further driving my commitment, I have recently approved an Inter-governmental Committee on Carbon Markets to be chaired by the Executive Chairman of the Federal Inland Revenue Service and the Director-General of the National Council on Climate Change to drive this visionary plan,” the president stated.
President Tinubu assured prospective investors that this initiative transcends being a mere pilot project.
”It is a concrete manifestation of our unwavering dedication to a carbon-neutral future. I assure you; this is only the commencement of our ambitious plans, with many more impactful initiatives on the horizon,” he said.
President Tinubu, while acknowledging the pressing need for a comprehensive global collaboration on climate-related challenges, called on global partners to join hands in accelerating collective efforts towards a net-zero future.
”As we unveil our initiatives, I challenge other nations to emulate our strides in mapping out their sustainable futures with a clear understanding that Africa is a beacon of innovative solutions to climate-related challenges.
“In this pursuit, we acknowledge the pressing need for comprehensive global collaboration, and we reiterate our commitment to being an active participant in international efforts.
”Nigeria’s plans for a greener and cleaner economy can serve as an inspirational narrative for nations worldwide. Our comprehensive approach, rooted in visionary leadership and pragmatic action supported by our technical partners, is poised to become a blueprint for countries aspiring to also develop and catalyze their markets for sustainable growth,” the President concluded.
In his remarks, FIRS Chairman, Mr. Zacch Adedeji, acknowledged the visionary leadership of President Tinubu as the guiding force behind Nigeria’s commitment to harnessing its vast carbon potential.
Adedeji pledged the full commitment of the committee to drive the implementation of efficient policies and frameworks to achieve sustainable carbon market growth.
Reiterating Nigeria’s readiness to lead the global effort to combat climate change, Adedeji described the initial phase of the rollout of the electric buses as a tangible symbol of Nigeria’s commitment to modernizing its transportation systems while reducing Africa’s modest carbon footprint.
”In the immediate term, Nigeria will proudly unveil a series of innovative, clean, modern, and sustainable initiatives across diverse sectors. These initiatives are strategically designed to not only address climate change-related challenges but also to position Nigeria as an attractive destination for global investments.
”The business-friendly environment and policy frameworks we are developing underscore our readiness to welcome and facilitate investments that align with our collective commitment to a greener future for Nigeria and the African continent,” the FIRS Chairman said.
Comrade Pedro Obi from the Delta State University has been elected by the National Association of Nigerian Students (NANS) as its new President, a report by SaharaReporters has shown.
Obi, a Phd student of Guidance and Counseling studies got 212 votes to defeat his closest rival, Lucky Emonefe who scored 83 votes.
Emonefe is the preferred choice of President Bola Tinubu’s son, Seyi.
The election was held at the old parade ground, Abuja.
SaharaReporters earlier reported that the outgoing president, Usman Barambu suspended the former electoral committee, saying it was compromised, an action which paved way for another set of executives to conduct the election.
The students body had zoned the position of president of NANS to Zone B (South-south).
Confirming the incident, Levi Okuru, cordinator of Zone B said, “Congratulations Comr. Pedro Chibuzo Obi on your Victory at the poll as President of NANS. We believe you have the voice for Nigerian Students. Viva Aluta.”
SaharaReporters had reported how the Old Parade Ground, venue of the national convention of the association was on Friday, December 1, characterised by heavy shootings.
The shootings, which started on Thursday, continued on Friday at the venue of the convention, which is a few distance away from the Defense Headquarters, Abuja.
It was learnt that some students sustained wounds from the gunshots and machetes after thugs loyal to a candidate said to be the preferred choice of President Bola Tinubu’s son, Seyi, began attacking opposition delegates.
On Friday, SaharaReporters reported how Seyi allegedly released millions of naira for security operatives and mobilisation of cultists to compromise the national convention and enthrone his preferred candidate.
According to some students leaders, the plot was to ensure that Nigerian students would not rise and lead a revolution against the unpopular government of his father.
According to a source, the payment of the millions in mobilisation followed the pledge by members of the Convention Planning Committee of NANS to deliver his preferred candidates at the convention.
The source had said: "We have it on good authority that Seyi Tinubu has released millions to naira to security operatives in order to compromise the National Convention of NANS and ensure that their preferred candidates emerge.”
"This is coming after the members of the Convention Planning Committee of the association pledged to deliver the preferred candidates of Seyi Tinubu in a video call with Seyi Tinubu two days ago,” another source disclosed.
SaharaReporters had earlier reported how students and stakeholders kicked against the candidature of one Lucky Emonefe, a 48-year-old citizen, as president of the association.
The Kogi State Police Command says it has recovered a Toyota Sienna Bus used by some unknown gunmen to attack the official residence of the state Independent National Electoral Commission (INEC) Resident Electoral Commissioner, Dr. Gabriel Longpet.
The police said the vehicle was abandoned in front of the REC‘s official residence.
The command’s Public Relations Officer, SP William Aya, who confirmed the recovery of the vehicle in a statement in Lokoja, however,
said it was found burnt at the entrance of the house.
He said the attackers later fled the scene when they came under superior fire power of policemen on duty at the residence.
According to him, the Commissioner of Police, Bethrand Onuoha, has ordered deployment of a team of Tactical Operatives to the scene while a manhunt has been launched for the hoodlums.
Aya said, “unknown armed hoodlums stormed the Quarters of the REC, INEC and started shooting sporadically.
“The police guards on duty at the residence engaged the hoodlums in a gun duel and denied them access to the premises.”
He also disclosed that the Commissioner had directed the Deputy Commissioner of Police in-charge of Criminal Investigation Department (CID) to commence investigation with a view to apprehending the perpetrators and bringing them to justice.
The Court of Appeal, sitting in Lagos, on Saturday, dismissed both the Peoples Democratic Party and the All Progressive Congress Appeals against Governor Alex Otti.
The State Election Petition Tribunal had upheld the Election of Otti of the Labour Party and dismissed the petitions of both PDP and APC in the ruling. But the two Parties dissatisfied with the decision of the Tribunal went to the Appeal Court to seek redress.
The Court, in it’s ruling, dismissed the petitions filed against the election victory of Otti by the PDP and APC for lacking merit.
The Appeal Court judges described the APC and PDP’s petitions as a comedy skit which should not have been brought up in a democratic setting.
The judges, while reading out it’s unanimous decision, ruled that the appellants failed to demonstrate or link their documentary evidence to the specific parts of their case.
The judges held that all the Certified True Copies of documents tendered at the election petition Tribunal, were merely dumped on the Tribunal and section 137 of the EA or Paragraph 46(4) of the First Schedule does not inject life in them.
“Appellants abandoned their ground of appeal that goes to the expunction of Exhibit P38 via PW4 by the Tribunal.” ‘Appellants failed to prove the 2nd and 3rd Grounds of their Petition.
“In all, the Appeal fails and is dismissed with costs assessed at 200,000 against the Appellants and in favor of the Respondent” the court ruled.
The Chairman of BUA Group, Abdul Samad Rabiu, has declined his appointment to a standing committee of the All Progressives Congress on Finance.
The Group made the disclosure on Friday in a statement seen by THE WHISTLER where it acknowledged that Rabiu was appointed to a standing committee of the APC.
The decision has been largely criticized as some experts believe being partisan will give BUA undue advantage over competitors in the cement and food industries.
BUA said, “We extend our sincere appreciation to the APC for considering our chairman for such a distinguished role. This acknowledgment reflects the recognition of his commitment, and that of BUA Group, to economic prosperity and the development of our dear nation, Nigeria.
“However, it is important to note that our Chairman, Abdul Samad Rabiu and BUA Group have consistently adopted an apolitical stance over the years. This approach is integral to the nature of our business and aligns with Mr. Rabiu’s focus on fostering economic growth through BUA Group’s initiatives and philanthropic efforts through ASR Africa.
“Mr. Rabiu has decided to graciously decline the nomination/appointment. This decision is made in light of the fact that he was not previously consulted regarding his inclusion in the list and his inability to commit time due to his demanding schedule.
“Our Chairman, Abdul Samad Rabiu, is a firm believer in leveraging business acumen and philanthropic activities to drive development and positive societal change, independent of political participation.”
The Group said Rabiu’s primary contributions to Nigeria’s advancement would continue through strategic investments in the economy and philanthropy, rather than through political affiliations or roles.
The senator representing Borno South, Ali Ndume, has disclosed that that the reins of power was not in the hands of Muhammadu Buhari when he was president.
Buhari was Nigeria’s President between 2015 and 2023, before handing over to his partyman, Tinubu in May.
His administration was dogged by allegations of widespread corruption and impunity with many saying he was aloof and unconcerned, lacked the grit, political will and competence of the kind of leader the country needed to steer it out of troubled water.
Speaking on Friday during a chat on Channels TV, Ndume said Buhari was never in charge of his government, adding that the ex-President played a lesser supervisory role.
He insisted that some kleptocrats were in the immediate past administration.
“The President here is in charge. He takes charge, unlike our former President. That President will just give you an assignment, he will not look over you,” Ndume said.
“That is where the problem is and he (Buhari) knows that. That was the mistake President Buhari made.
“He ended up confessing these days that he had more kleptocrats in his government than people that has more interest at heart.”
The Central Bank of Nigeria (CBN) says beginning from April 2024 , it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN).
A circular released by the apex bank on Friday, December 1, instructed banks to place a “Post no Debit” restriction which prevents customers from making withdrawals, transfers, or any other debits “for all existing Tier-1 accounts/wallets without BVN or NIN”.
“Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied. Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted,” the circular by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha read in part.
The apex bank also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024,
According to the bank, a BVN or NIN verification will be “conducted shortly”, adding that the move is part of its efforts to promote financial system stability and strengthen the Know Your Customer (KYC) procedures in financial institutions.
The bank will also carry out a “comprehensive BVN and NIN audit shortly” and where breaches are identified, appropriate sanctions shall be applied.
“The process for account opening shall commence by electronically retrieving BVN or NIN-related information from the NIBSS’ BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers, and all existing customer accounts/wallets for individuals with validated BVN shall be profiled in the NIBSS’ ICAD immediately and within 24hrs of opening accounts/wallets.
In cases where a potential customer does not have a BVN or NIN, the CBN advised the regulated financial institution to “commence the process of enrolling the individual onto the BVN database and be guided by the extant protocols issued by NIBSS” the circular read
The Defence Headquarters (DHQ) said troops of the Nigerian Army in collaboration with the operatives of the Department of State Services (DSS) have arrested the leader of the Islamic State for West African Province (ISWAP) terrorist group in Bauchi State.
Defence Media Operations, Maj. Gen. Edward Buba, who disclosed this in a statement on Friday, December 1, 2023, said the terrorist leader was arrested during a sting operation at Tarum, a village outside Bauchi Metropolis.
Buba said the resolve of the military to go after the leaders of the terrorist groups led to the arrest of the terrorist leader, noting that air operations conducted in the regions have led to the destruction of the terrorists’ enclaves.
“The ongoing military operations continue to decimate the fighting force of the insurgents, terrorists, and violent extremists across the country. Accordingly, their fighting capacity is low and they are on the run,” the statement read.
"Troops are targeting the leadership of these groups to ensure they pose no further threat to the safety and security of citizens. Significantly, on 29 Nov 23, at Tarum Village located on the outside of Bauchi Metropolis in Bauchi State
“Troops collaborated with personnel of DSS to conduct a sting operation that culminated in the arrest of the leader of ISWAP terrorist group in charge of North Central and North West Zones. He is in custody. Similarly, air interactions have been conducted on several enclaves of these terrorist leaders in the NW and NC zones with much success.”
Buba also said troops killed 52 terrorists and arrested 204 in the last week, adding that 234 kidnapped victims were also rescued.
"The operations of the week in focus, resulted in 52 neutralised terrorists, while 204 of them were arrested. Troops also arrested 58 perpetrators of oil theft and rescued 234 kidnapped hostages.”
In the South-South region, he said troops denied oil thieves N668m and recovered 267,700 litres of stolen crude oil, 567,700 litres of illegally refined AGO, and 5,000 litres of DPK.
"In the SS, troops denied the oil theft of the estimated sum of N668,731,000.00 only. Troops in the Niger Delta area destroyed 7 dugout pits, 25 boats, 47 storage tanks, 5 vehicles, 141 cooking ovens, one pumping machine, one outboard engine, one tricycle, one speedboat, one tugboat, and 51 illegal refining sites. Troops recovered 267,700 litres of stolen crude oil, 567,700 litres of illegally refined AGO, and 5,000 litres of DPK.”
Nigeria has signed a Presidential Power Initiative (PPI) agreement with Germany to add 12,000 million watts of electricity to the national grid.
The Power initiative which is to be financed under the Government export credit facility, currently provided by a few German banks to Nigeria, will cost about $60 million with the importation of 10 transformers and 10 power mobile stations.
President Bola Ahmed Tinubu and the German Chancellor Olaf Scholz both presided over the signing on Friday in Dubai, United Arab Emirates (UAE), at the sidelines of the United Nations Climate Conference (COP28) taking place at the Expo City in Dubai.
The Managing Director of the Federal Government of Nigeria Power Company, Kenny Anue signed on behalf of Nigeria while the Managing Director (Africa) Siemens AG, Nadja Haakansson, signed for Siemens.
Speaking on the agreement, Anue affirmed the commitment of President Tinubu to the development of power infrastructure in Nigeria, noting that he had reiterated that infrastructure development is critical to the ongoing reforms.
He also stated that electricity and financing are at the heart of the economic reform agenda of the administration, adding that the PPI by design encapsulates both elements with the support of partners, Siemens Energy and the financiers that are backed by the German government.
Addressing the President, Anue noted: “Mr President, with your strong and dynamic leadership through the Honorable Minister of power, now we seek to exploit or expedite what was already a worthwhile program in the presidential power initiative through this accelerated agreement today.
“Some of the things that have been achieved, erstwhile by the federal government have been the establishment of the FGN Power Company as the special purpose vehicle for the implementation of the project.”
He added that the German government has nominated the mandated lead arrangers and financiers, emphasising that Siemens Energy has also successfully delivered 10 units of power transformers and 10 units of mobile substations.
In his remarks, the Chairman of Siemens Energy Supervisory Board, Joe Kaeser, traced the history of the initial agreement to the Muhammadu Buhari administration in 2018, expressing delight that both parties have now been able to drive the process forward.
“I’m particularly happy to be here tonight to witness the signing of the Presidential Initiative for Power because in 2018 former President Buhari wanted me to come to Abuja and explain to him what we did in Egypt.
“And I said Mr. President, Egypt has 80 million (people) and we could use 14 gigawatts and Nigeria has 200 million people. So, we could need more gigawatts.
“Now, after five years, I’m really happy that this agreement has the spirit of supplying energy to the greater good of Nigerian people has been taken to a new level. Thank you very much for doing that. And as we say in Germany good things take time as we have seen tonight.”
The All Progressive Congress and the Social Democratic party have been trading blame over gunmen’s attack on the residence of the state Residence Electoral Commissioner, Dr. Gabriel Longpet in the early hours of Friday.
The gunmen had stormed the residence of the REC shooting sporadically.
Addressing a press conference on Friday, the APC campaign council pointed accusing fingers at the defeated governorship candidate of the Social Democratic party and called for his arrest and prosecution.
The Director, Media and Publicity of the APC Campaign Council, Kingsley Fanwo, said that Ajaka and his SDP supporters have shown enough evidence that they are violent and should be held responsible for what happened at the residence of the REC.
Fanwo stated that the attack was perpetrated days after it alerted the nation of the plans of SDP thugs to attack INEC, adding that “they have finally done their worst by attacking the residence of the Kogi State INEC Commissioner, engaging security agents in a fierce gun battle and eventually burning down some vehicles in the residence and the area.”
Fanwo said, “The same arsonists also had an attempt to burn down the Kogi State Government House foiled by our eagle-eye security agents. The same attempt was foiled at the State APC Secretariat in Lokoja.”
According to the APC, the SDP in the state and their collaborators are desperate to destroy some documents in INEC to cover the heist they committed in Kogi East where they allegedly killed APC supporters “and drove them out of collation centres to forge the results that were eventually trumped by the massive votes of Kogites for the Governor-Elect.”
The Campaign Council alleged that the SDP candidate and his collaborators were attempting to corrupt certain documents in INEC before handing them to their legal team.
Meanwhile, the Social Democratic Party denied any involvement in the attack on the REC’s resident
A statement issued on Friday in Lokoja by the Director, New Media, Muri/ Sam Campaign Organisation, David Ijele, stated, “We strongly condemn the assassination attempt on the INEC Resident Commissioner for Kogi state, Dr. Hale Gabriel Longpet, which took place in Lokoja at approximately 2:00 am this morning, December 1st, 2023.
According to him, “Election should not be treated as a war, nor should it be a matter of life and death. If the election was won fairly and transparently, then the legal process should be allowed to run its course without interference. However, it is unacceptable for thugs, in their high numbers yesterday, to be subject to fake protests, insisting that, on no account should forensic teams not be allowed to do their jobs”.
“We are grateful for the timely intervention of the Army, as the man and his family could have been wiped out overnight. The attackers also burnt his vehicles and took other valuables. This kind of behavior is not acceptable in a democratic society,” he added.
The Federal Airports Authority of Nigeria (FAAN), has denied banning the use of ‘Ghana Must Go’ bags by travelers at airports in the country. Reports were rift online today December 1 that FAAN had banned the use of the bag via a circular, titled, ‘Re: Prohibition of Usage Of Ghana Must Go’, and signed by the Manager, Airport Services, Henok Gizachew, and dated November 24.
The report further stated that the ban was particularly for passengers traveling through the country’s international airports. The report quoted Gizachew as stating that the bag was banned by FAAN because it has cost airlines huge loss and also damaged the airports conveyor belt system.
Reacting via its X handle, FAAN said
“Kindly note that @flyethiopian issued a prohibition of the use of Ghana must go on their flight and not FAAN. Thank you.”
For its part, Ethiopian Airlines, which took the decision, explained the reason for its action and exceptions to the new rule in the memo addressed to FAAN and a public notice posted on its social media handles.
The airlines said
“We would like to inform you of a restriction regarding the usage of irregularly shaped packages on Ethiopian airlines flight. It is strictly prohibited to bring ‘Ghana must go bags’ unless they are adequately packed in a carton or hardcover rectangular container. This restriction has been implemented due to frequent occurrence of damages to conveyor belts at various airports, resulting in significant costs incurred by the airlines involved. We kindly request your cooperation in complying with this rule to ensure the smooth operation of our flights and to minimize any potential disruptions caused by damaged conveyor belts.”
The Labour Party (LP) governorship candidate in Imo State, Senator Athan Achonu, has accused the Independent National Electoral Commission (INEC) of frustrating his legal team’s efforts at inspecting the Bimodal Voter Accreditation System (BVAS) and other electoral materials used for the election despite getting a court injunction.
Addressing a news conference in Abuja on Wednesday, Achonu said the election that produced Senator Hope Uzodimma as Imo State governor, was marred by several electoral malpractices which the party is prepared to prove at the tribunal.
He alleged that INEC is deliberately placing obstacles on the path of the Labour Party in order to prevent them from pursuing their case before the Imo State Governorship Election Petition Tribunal.
“What is happening now as I speak is that we went to the court, and got an order to be allowed to inspect the BVAS. This is a governor who claimed won the election by a landslide. There has been no celebration in the entire Imo State,” he said.
“Imo Sate looks like a graveyard. But (when) the judgment for Owerri municipal came out the other day (in favour of) the Labour Party candidate, Clinton Amadi, Owerri erupted into joy. The whole streets were almost closed.
“Now I begin to wonder how a governor who INEC has declared has won an election. INEC has refused to let us inspect the BVAS. As we speak, lawyers and experts we hired at a huge cost of N30 million are there. We are not been allowed to inspect them in spite of the court order. What is INEC up to? I don’t understand what is going on in my country.”
Achonu’s allegation comes a week after he led his supporters to protest at the national headquarters of INEC in Abuja over its failure to issue them the true certified copy of the just concluded poll result.
The LP candidate who was accompanied by the National Youth Leader, Kennedy Ahanotu, had accused the electoral umpire of playing a double standard at the November 11 off-cycle election where Governor Hope Uzodimma of the All Progressives Congress was declared winner.
While Uzodimma polled 540,308 votes, the Peoples Democratic Party (PDP) candidate, Samuel Anyanwu polled scored 71,503 votes. Achonu came third with 64,081 votes.
Both the PDP and LP candidates have since rejected the outcome of the election and have headed to court to claim what they insist is their mandate.
The Federal Government has disclosed that a new national minimum wage structure will take effect from April 1, 2024 upon expiration of the current N30,000 monthly pay on March 31.
Minister of Information, Idris Mohammed announced that the new wage package is part of ongoing negotiations with labor unions to permanently replace temporary palliatives granted this year to cushion economic hardships from fuel subsidy removal.
The government projects spending N24.66 trillion on salaries, overheads and pensions over the next three years according to medium term fiscal projections – representing 29.18% of proposed N84.5 trillion budgets in the period.
With economic strains and anticipated wage increases, recurrent expenditure is expected to jump by 8.51% from N7.36 trillion in 2023 to N7.99 trillion in 2024. The figure will further rise moderately by 2026 when government plans to devote N8.49 trillion towards covering employee costs.
Organized labor confirms discussions have commenced regarding new wage structures although specifics remain unclear. The process is in line with the nation’s labor laws mandating minimum pay reviews after intervals of 5 years.
Nigeria currently maintains a workforce of about 1.5 million at federal level. Concerns persist that bloated civil service numbers coupled with weak productivity sustains high wage bills limiting infrastructure investments.
The World Bank already noted this year that funds going into salaries and debt servicing now exceed total national revenues – a development parliamentarians have also criticized.
Senate Leader, Bamidele Opeyemi, has said the N9.9 trillion recurrent expenditure of the N27.5 trillion 2024 budget was too high, as it constitutes 43 per cent of the budget.
Opeyemi said this at the opening of debate on general principles of the budget, yesterday.
He said the total fiscal operations of the Federal Government would result in N9.8 trillion deficit, representing 3.88 per cent of estimated GDP, saying this was above the three per cent threshold set by the Fiscal Responsibility Act, 2007.
Opeyemi listed highlights of the budget to include oil price benchmark of 77.96 dollars per barrel and daily oil production estimate of 1.78 million barrels of condensates of 300,000 to 400,000 barrels per day and exchange rate of N750 to dollar.
He said based on the fiscal assumptions and parameters, total federally-collectible revenue was N16.87 trillion in the budget, while total federally distributable revenue was N11.09 trillion.
Opeyemi said total revenue available to fund the 2024 budget was N9.73 trillion, which included revenues from 63 government-owned enterprises, while oil revenue was projected at N1.92 trillion, with non-oil taxes at N2.43 trillion among others.
He said to finance the deficit would result in new borrowings totalling N7.83 trillion in addition to N294.49 billion expected from privatisation.
He said the deficit would also be financed from N1.06 trillion drawn from bilateral, multilateral loans secured for specific development projects programmes.
He, however, said there was a growing concern over continued borrowing, but the administration resorted to it to finance fiscal gaps.
“But let me state here that the debt level of the Federal Government is still within sustainable limits. Very importantly, these loans are used to finance critical development projects and programmes aimed at improving our economic environment and ensuring effective delivery of public services to our people,” he said.
Contributing, Osita Ngwu said President Bola Tinubu had fulfilled his promises by capturing food security, poverty alleviation in the budget.
He said there was need to ensure a review of Petroleum Industry Act (PIA) to ensure the continuous ramp up of oil production to fund the deficit in the budget.
Senators, who contributed to the debate, commended the president for the budget, saying it was a budget of renewed hope.