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FG to N11trn loan for 2023 budget — to exceed borrowing limit

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The Federal Government has proposed to borrow over N11 trillion to finance the proposed 2023 budget deficit, a development far above the stipulated threshold in the Fiscal Responsibility Act.

Zainab Ahmed, minister of finance, budget and national planning, said this on Monday while appearing before the house of representatives committee on finance to defend the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

She said the government’s budget deficit is expected to exceed N12.42 trillion if the federal government keep the petroleum subsidy for the entire 2023 fiscal cycle.

Reeling out numbers to the committee, Ahmed said the 2023 budget proposal is based on two options.

On the first option, the deficit is projected to be N12.41 trillion in 2023, up from N7.35 trillion budgeted in 2022, representing 196 percent of total revenue or 5.50 percent of the estimated GDP.

Based on this, Ahmed said the federal government would spend N6.72 trillion on subsidy payments.

On the second option, if the federal government keeps subsidy payments till June 2023, the budget deficit would amount to N11.30 trillion, which is N5.01 trillion of the estimated GDP. In this option, the PMS subsidy is projected to gulp N3.3 trillion.

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The minister further said the first option is not likely to be achievable based on the current trend, while the second option would require tighter enforcement.

She said the new borrowings would come from local and international sources. Ahmed said N9.32 trillion in new borrowings, comprising N7.4 trillion from domestic sources and N1.8 trillion from foreign sources, adding that the government is expected to generate N206.1 billion from privatisation proceeds and N1.7 trillion in multilateral project-tied loans.

On the two proposals, Ahmed said they have budget deficits far above the stipulated threshold in the Fiscal Responsibility Act.

The fiscal responsibility law provides a limit of 3 percent threshold for sustainability but the president can “exceed the ceiling if there is a clear and present threat to national security or sovereignty of Nigeria”.

 

In 2020, the Federal Government exceeded the fiscal borrowing threshold, citing the COVID-19 pandemic.

2023 BUDGET BENCHMARK PROPOSALS

The minister said oil production for 2023 would be pegged at 1.69 million barrels per day. A real GDP growth rate of 3.7 percent and an inflation rate of 17.16 percent for the year. She added that the budget would be premised on $70 per barrel of crude oil and an exchange rate of N435.57 to the dollar.

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REVENUE

 

Ahmed said the government was projecting revenue of N8.46 trillion for 2023 — N1.9 trillion of which would come from oil-related sources while the balance would come from non-oil sources.

ON SUBSIDY

Ahmed said the petrol subsidy regime would remain up to a mid-2023 sequel to the 18-month extension announced early in 2021.

She added that N3.36 trillion would be provided to pay the subsidy in 2023.

The minister also told the session that there would be tighter enforcement of the performance management framework for government-owned enterprises “which would significantly increase operating surplus/dividend remittances in 2023”.

DEBT SERVICING

She said there were no projections that Nigeria would default on her debt services in the nearest future.

While the amount currently used in debt servicing had overshot appropriation in the 2022 budget, she said systems are put in place to manage the situation.

“We planned that 60 percent of revenue would be spent on debt servicing, but in some months, the ratio went up to 90 percent,” she said.

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“We have been able to, consistently without fail, service our debt, and we do not have any projections even in the near future that we will fail.

“We actually follow the Medium Term Debt Management Strategy very strictly; the debts are not taken haphazardly, and they are planned.

“They are appropriated, and then we borrow against appropriation.”

The minister acknowledged, however, that the government was under pressure to manage debt servicing following the drop in revenue generation.

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EFCC says it froze Osun account over ‘fraudulent handling’ of N11bn ecological, intervention funds

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The Economic and Financial Crimes Commission (EFCC) has explained that it froze the bank account of the Osun state government over alleged fraudulent handling of N11 billion ecological and intervention funds.

The anti-graft agency, in a statement on Wednesday, said it has been investigating the Osun state government since March regarding the alleged mishandling of the funds.

According to the agency, some officials of the state government, including the accountant-general of the state, had been interviewed by EFCC investigators.

The agency said amid the probe, it observed that huge transfers of funds were being made from the account into different corporate entities since August 2.

“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026,” the statement reads.

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“The Commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved.

“The EFCC’s preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources.

“The Commission cannot watch idly while a state government’s account is being pillaged.”

The anti-graft agency said it is aware of the forthcoming Osun governorship election, adding that it is “uncharitable” to overlook the huge transfers of funds over the “excuse of an upcoming election”.

“The Osun State government account was frozen to save public funds from being looted,” the agency said.

In a letter dated August 5, 2026, and signed by Adenike Babalola, assistant commander of the EFCC on behalf of the director of investigation, the anti-graft agency directed First Bank not to allow withdrawals from the Osun state government’s statutory allocation account as part of an ongoing investigation.

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The agency instructed the bank to place a post-no-debit restriction on the account pending the conclusion of the probe.

Reacting to the development, Ademola Adeleke, Osun governor, said the state government will not accept a situation in which federal government agencies trample upon the rights of subnational governments.

Adeleke said the Osun government has been witnessing numerous sponsored attacks, including the harassment of Accord party members and the move to stall the operations of LGAs in the state.

Adeleke said he has directed the attorney-general of the state to challenge the “illegality”.

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Osun threatens lawsuit as EFCC freezes govt account 10 days to election

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Less than 24 hours after Governor Ademola Adeleke alleged that the Economic and Financial Crimes Commission (EFCC) was planning to freeze the state government account domiciled with First Bank, the anti-graft agency has reportedly freezed the account, according to Vanguard.

The account, reportedly used for the payment of workers’ salaries, was placed on “Post No Debit” status by the anti-graft agency.

The development came hours after Governor Ademola Adeleke raised the alarm that the EFCC was planning to freeze the state government’s accounts and those of top government officials ahead of the August 15 governorship election.

In a statement issued earlier on Wednesday by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, Adeleke described the alleged move as an attempt to cripple government activities before the poll.

The governor had insisted that there was no legal basis for freezing the accounts of a state government, arguing that the EFCC lacked the statutory powers to take such action.

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However, a source reportedly told Vanguard that the account had already been restricted.

“I can confirm that the state government account has been frozen by the EFCC. It is no longer an allegation. The governor will address the press shortly to update the public on the situation,” the source reportedly told Vanguard.

The reason for the restriction was not immediately known as of the time of filing this report.

The EFCC had yet to issue an official statement on the development.

The development comes as Osun prepares for its August 15 governorship election, with the account restriction expected to generate political reactions ahead of the poll.

Meanwhile, the state’s Attorney General and Commissioner for Justice, Oluwole Jimi-Bada, had said he has the mandate of the governor to sue the Economic and Financial Crimes Commission for freezing the government accounts.

Jimi-Bada said a ‘Post no debit’ letter from the EFCC was forwarded to the management of the First Bank where Osun government accounts were domiciled on Wednesday.

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The commissioner, who expressed readiness to proceed to court, said the move by the anti-graft agency may hamper government’s business, noted that Governor Ademola Adeleke was not using state funds to run its campaign for reelection.

“I have the mandate of the governor to proceed to the Federal High Court to challenge this move. EFCC can investigate the accounts but it can’t freeze the accounts without order of court.

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WAEC releases 2026 WASSCE results, withholds 167,486 candidate’s results over malpractice 

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The West African Examinations Council says it is withholding the results of 167,486 candidates, representing 8.59 per cent of those who sat the 2026 Computer-Based West African Senior School Certificate Examination for School candidates, over alleged examination malpractice.

This was disclosed by the Head of WAEC Nigeria National Office, Dr Amos Dangut, who announced the release of the results in Lagos on Wednesday.

The number of withheld reults, however, represents a decline from the 9.7 per cent recorded in 2025.

Dangut said the council withheld the affected results due to various infractions, including the increasing use of mobile phones in examination halls despite the existing ban and organised cheating in some schools.

“The increasing use of cell phones in the examination hall, in spite of the existing ban, and organised cheating in some schools, are other nagging issues,” Dangut said.

He added that some supervisors and invigilators found assisting candidates in malpractice had been arrested and would face disciplinary action through the relevant state ministries of education.

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A total of 1,959,668 candidates from 24,207 schools registered for the examination across Nigeria, Benin Republic, Côte d’Ivoire and Equatorial Guinea, while 1,950,726 candidates eventually sat for the examination.

1,200,514 candidates (61.54 per cent) obtained credits and above in at least five subjects, including English Language and Mathematics.

1,687,378 candidates (86.50 per cent) secured credits and above in a minimum of five subjects, with or without English Language and Mathematics.

The number of candidates who obtained credits in five subjects including English and Mathematics dropped by 1.42 percentage points compared with the 2025 examination.

Of the 1.2 million candidates who achieved credits in English and Mathematics:

558,883 (28.65 per cent) were male.

641,631 (32.89 per cent) were female.

Overall, 997,267 females (51.12 per cent) and 953,459 males (48.88 per cent) participated in the examination.

WAEC said 1,834,695 candidates, representing 94.05 per cent, had their results fully processed and released, while the results of 116,031 candidates (5.95 per cent) were still being processed.

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The council also disclosed that 1,213 candidates with special needs participated in the examination. They included:

137 visually impaired candidates;

491 candidates with hearing impairment;

55 spastic and mentally challenged candidates; and

41 physically challenged candidates.

The 2026 examination marked the second edition of the Computer-Based WASSCE for School Candidates, following the introduction of the format by WAEC.

Dangut said the council introduced several innovations, including the Digital Examiner Mark System to improve the speed of processing results, serialisation of question papers to curb malpractice, and a new portal that allows candidates to generate e-PINs directly for checking their results.

The examination was conducted between April 24 and June 19, 2026, with 102,708 examiners involved in marking across 88 marking venues.

Dangut, who described the briefing as his third and final engagement as WAEC Nigeria National Office head, said candidates sponsored by states indebted to the council would not have their results released until the outstanding payments were cleared.

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