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FG Recorded N2.23trn Fiscal Deficit In Q4 2021 – CBN

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The Central Bank of Nigeria (CBN) says the federal government recorded a N2.23 trillion fiscal deficit in the fourth quarter (Q4) of 2021.

The apex bank said this in its economic report for the fourth quarter of 2021.

A fiscal deficit is a shortfall in a government’s income compared with its spending. By implication, a high fiscal deficit means that the government is spending beyond its means.

The report said the 12 percent contraction in fiscal deficit followed a decline in aggregate expenditure in the fourth quarter of 2021.

“Following a decline in aggregate expenditure in the fourth quarter of 2021, the fiscal deficit of the FGN contracted by 12.0 percent to N2,232.33 trillion, relative to the preceding quarter,” the report states.

“Non-oil revenue maintained its dominance, accounting for 60.8 percent of the total collections, while oil revenue constituted the balance of 39.2 percent.

“The provisional federal government of Nigeria (FGN) retained revenue, at N1,265.34 trillion, declined by 36.6 percent and 3.2 percent, relative to the budget benchmark and the preceding quarter, respectively, reflecting the persistent revenue challenge over the past two years.”

The report added that the federation receipts in the fourth quarter fell below benchmark due to the shortfalls in oil revenue.

“The shortfalls were largely the result of poor performances in some oil revenue components. Non-oil maintained its dominance of gross federation receipts in the period, accounting for 60.8 percent of the total collections, while oil revenue constituted the balance of 39.2 percent,” the report added.

“This is a deviation from the 51:49 non-oil versus oil revenue mix, projected in the 2021 budget.

“Federation receipts in the fourth quarter of 2021 declined, following shortfalls in oil revenue. At N2,844.73 trillion, provisional federation receipts fell below the quarterly benchmark and the level in the preceding quarter by 7.5 percent and 0.7 percent, respectively,” the report added.

According to the report, growth prospects for the Nigerian economy remain positive but fragile in the near term, on the back of a rebound in manufacturing activities, improvements in vaccination rates, and the supportive impact of CBN interventions on growth-enhancing sectors.

CBN, however, said the lingering security challenges and the delayed implementation of the Petroleum Industry Act (PIA) are the major downside risks to the outlook.

BIG STORY

Tinubu To Hold First Presidential Media Chat Tonight

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President Bola Tinubu’s inaugural media chat is set to be broadcast on the Nigerian Television Authority (NTA) and the Federal Radio Corporation of Nigeria (FRCN).

In a statement, Bayo Onanuga, the presidential spokesperson, confirmed that the media chat will be aired at 9 p.m. today.

“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria,” the statement reads.

All television and radio stations are encouraged to tune in to the broadcast.

This marks Tinubu’s first media chat since he assumed office on May 29, 2023.

During the chat, Tinubu will respond to questions from a panel of journalists on national matters, including his economic policies, security, and other key issues.

The tradition of presidential media chats began during the tenure of former President Olusegun Obasanjo.

The practice was continued by the administrations of Umaru Musa Yar’Adua and Goodluck Jonathan.

However, under the administration of former President Muhammadu Buhari, the frequency of the presidential media chats declined.

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IGP Didn’t Ask Nigerians To Beat Up Officers During Stop-And-Search — Police

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The Nigeria Police Force (NPF) has clarified that Kayode Egbetokun, the inspector-general of police, did not instruct Nigerians to pummel officers during stop-and-search operations.

In a statement on Monday, Muyiwa Adejobi, the force spokesperson, emphasized that Egbetokun has never endorsed violence against law enforcement agents.

Adejobi added that the blog post suggesting otherwise was entirely fabricated.

“The Nigeria Police Force wishes to address a viral fake news story that has emerged, claiming that Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has instructed citizens to physically assault and throw stones at police officers who request to search their phones,” the statement reads.

“This claim is entirely false and has no basis in reality. The IGP has not issued any such directive encouraging violence against law enforcement officers.”

“Instead, he has called on citizens to report instances of police misconduct through appropriate channels.”

“This approach underscores the importance of accountability and maintaining the rule of law, rather than resorting to violent actions.”

“Members of the public are urged to make use of the following Police helplines & contacts to lay complaints whenever necessary: +2347056792065, +2349133333785, +2349133333786, @PoliceNG on X, @ngpolice on Facebook, and @nigeriapoliceforce on Instagram.”

“Citizens can also contact us by mail through; [email protected] and reach us through the police website at npf.gov.ng.”

Recently, Egbetokun instructed police officers to stop arbitrary arrests and cease searching the smartphones of Nigerians.

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Federal Government Declares Public Holiday For Christmas, New Year Celebrations

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The federal government has declared December 25-26, and January 1, 2025, as public holidays.

The public holidays are to commemorate the “Christmas,” “Boxing Day,” and “New Year’s Day” celebrations, respectively.

Olubunmi Tunji-Ojo, the minister of interior, announced the dates in a statement signed by Magdalene Ajani, the ministry’s permanent secretary.

He extended his greetings to Nigerians for the holidays and encouraged them to use the festive period to reflect on the values of “love,” “peace,” and “unity” that the season signifies.

He further emphasized that the yuletide is a time to foster harmony and strengthen bonds across families and communities.

“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the statement reads.

The minister also urged Nigerians to remain committed to the peace, unity, and progress of the nation.

He assured citizens of the federal government’s commitment to peace, security, and prosperity across the nation.

Tunji-Ojo added that the “Renewed Hope Agenda” of the President Bola Tinubu administration will usher in a prosperous economy that will be the envy of the world.

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