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2023 Budget | Zikoko!

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  • Key Takeaways from President Tinubu’s ₦2.1 Trillion Supplementary Budget

    On Tuesday, October 31, Nigerians woke up to the news that President Bola Tinubu is seeking the approval of a supplementary budget of ₦2.17 trillion, which bumps up the 2023 appropriation bill President Buhari’s government signed.

    Key Takeaways from President Tinubu’s ₦2.1 Trillion Supplementary Budget

    This comes weeks after he proposed a total of ₦26 trillion for the 2024 budget. 

    Tinubu’s request has sparked reactions from Nigerians who have criticised the expenses despite the current economic hardship in the country.

    Some of the key spends in the additional budget:

    • ₦1.5 billion on vehicles for the office of the first lady
    • ₦2.9 billion on SUVs for the presidential villa
    • ₦2.9 billion to replace operational vehicles for the presidency
    • ₦4 billion on renovation of the president’s residential quarters
    • ₦2.5 billion on renovation of the vice president’s residence
    • ₦28 billion for the state house
    • ₦12.5 billion on the presidential air fleet
    • ₦476 billion for national defense and security
    • ₦210 billion for the payment of wage awards
    Key Takeaways from President Tinubu’s ₦2.1 Trillion Supplementary Budget

    Further breakdown of the budget: 

    Has the budget been approved?

    The Federal Executive Council (FEC) approved the supplementary budget on Monday, October 30, pending the approval of the National Assembly. 

    As of Tuesday, October 31, President Tinubu’s ₦2.1 trillion supplementary appropriations bill had passed for second reading at the House of Representatives.

    Senate President Godswill Akpabio also read the president’s request on the floor of the upper legislative chamber.

    “It has now become necessary to make further provision for additional palliative including the wage awards for public servants and the enhanced cash programme for vulnerable members of our society.

    “In addition, defense has become critical to provide for peace and to secure the lives and properties without which the economic agenda of the administration cannot be achieved,” President Tinubu’s request read in part.

     [ad]

    What are Nigerians saying?

    Many Nigerians have aired reservations against the president’s request, noting that some of the earmarked funds are unnecessary and come off as insensitive to the plight of citizens. 

    This is a developing story.

    You’ll have your fill of grilled, peppered or fried meat and many more at Zikoko’s meat festival on November 11. Have you bought your Burning Ram ticket? You can do that real quick here.

    Adeyinka Odutuyo

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  • Buhari Has Signed The 2023 Budget. You Should Be Worried

    On January 3, 2023, the presidency announced that the 2023 budget has been signed into law, along with the Supplementary Appropriation Act. Ordinarily, news of this should prompt excitement. And it has indeed — but for all the wrong reasons. 

    So what’s in this budget that has Nigerians in panic mode?

    A very high budget deficit

    Unless you have a passion for all things finance, budgets are often very boring documents to read and when you’re compiling a budget meant to serve 200 million people, it can turn into a snoozefest. 

    This one’s different though. The first thing that stands out is that it has a very high budget deficit.

    The budget which is themed “Budget of Fiscal Sustainability and Transition” is in fact, a joke. A budget with a deficit of ₦12 trillion cannot, by any understanding of the word, be defined as sustainable.

    In its initial executive proposal, total expenditure was set at ₦20.51 trillion. The ratified one which was signed into law by Muhammadu Buhari has an increase of ₦1.32 trillion. This brings total expenditure to ₦21.83 trillion while revenue remains at ₦9.73 trillion.

    The government has defended this increase, saying it is in response to the havoc caused by the floods that affected infrastructure and agriculture sectors. Others are sceptical, saying that the budget is being padded.

    Huge debt servicing

    A sizable chunk of Nigeria’s revenue in recent years has gone towards the servicing of debt. According to Bloomberg, Nigeria spent 80 per cent of its revenue to pay debt in the first 11 months of 2022. The trend looks set to continue. 

    More than 90 per cent of the deficit will be financed by local borrowing. Borrowing means more debt, more debt means more debt servicing which is the interest the government pays when it borrows money. ₦6.55 trillion out of the ₦21.83 trillion total expenditure has been set aside for debt servicing in 2023. 

    We hear you screaming omo and we are too. 

    In the third quarter of 2022, the Debt Management Office (DMO) put Nigeria’s debt at ₦44.06 trillion. On January 4, 2023, the Director General of the DMO, Patience Oniha, breaking down the 2023 Appropriation Act said:

    “Once it is passed by the national assembly, it means we will be seeing that figure (ways and means financing) included in the public debt. You will see a significant increase in public debt to ₦77 trillion.”

    ALSO READ: Nigeria May Be Moonwalking Into a Debt Trap

    Scary fiscal parameters

    If you go through the fiscal parameters — that is, assumptions made about the budget such as what the price of crude oil will trade at, inflation rate and so on, — a couple of things stand out that should set the alarm bells of Nigerians ringing.

    Based on the initial budget proposal sent to the national assembly last year, the audit firm KPMG, broke down some of the assumptions. The graphic you’re about to see makes a comparison between the 2022 and 2023 fiscal years. Check out the percentage change for each item to give you a sense of the wahala that is brewing.

    [Budget Assumption: KPMG]

    No one knows for sure how the 2023 election will play out as that could also affect how the budget is implemented. One thing’s  certain though — whoever’s coming in has work to do, and it’s not pretty.

    Stephen Agwaibor

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  • #MoneyByZikoko: This Influencer is Aiming For ₦2m/month
    Also: What stops nonsense? Money.

    Vol 3 | 07-11-2022

    Brought to you by

    Good morning, {$name} 🌞

    I like the way today’s Naira Life subject talks about his goals. He’s trying to get to a place where ₦20m is nothing to him.

    So following his lead, today’s #HowMuchLast will be an expensive item, and I cannot wait to see how much you’d pay for it.

    We have a fun edition today.

    In this letter:

    • Last Month in Money
    • The Grass to Grace #NairaLife of a Social Media Influencer
    • Money Meanings: What is a “Budget”?
    • Game: #HowMuchLast
    • Where The Money At?!

    Last Month
    In Money


    ₦20,510,000,000,000
    Yes, that’s what 20 trillion naira looks like written out, and it’s Nigeria’s budget for 2023 as presented by our presido. Why are there so many zeroes and why is it called “Budget of Fiscal Consolidation and Transition”? We tried to look into it.

    ₦1000
    That is now the naira equivalent of one pound sterling.
    Technically, this didn’t happen last month, but it’s urgent enough for us to bend the rules.

    Wetin dey stop nonsense?
    In the song “Stop Nonsense” Majeeed asks “Wetin dey stop nonsense?” and as we all know, the answer to that question is quite simple… Money.


    You can listen on Spotify.

    Ordinary is Boring

    Let’s face it. Ordinary is boring, but you can go for the extraordinary with a juicy pension plan that rewards your hustle today so you can retire early and still ball hard. Start by moving your pension to Stanbic IBTC Pension Managers today.

    Visit Stanbic IBTC Pension

    #NairaLife: This Social Media Influencer Will Not Rest Until ₦20m is Nothing To Him

    The 25-year-old in today’s Naira Life got his first job at 16 because he wanted to help his mother out. It only paid him ₦3k for three days of work.

    His father was absent and growing up wasn’t easy, but today he’s a millionaire, and for him, he hasn’t arrived until 20 million naira is chicken change to him.

    Read the rest of his Naira Life

    Some other great money articles you should read:

    At Luno, we believe cryptocurrency is for everyone. Tap into all the many possibilities.

    Visit Luno

    Money Meanings

    Game: #HowMuchLast

    #HowMuchLast is a game where we show you an item and you tell us (and the world) the highest amount you’d pay for it.

    Some weeks will be Okin biscuit, some others will be SUVs.

    This week, we’re going big. We know a Tesla goes for $40k to $160k but we want to know the most you’d pay.

    So tell us, #HowMuchLast for a Tesla.

    What’s the most you’d pay for a Tesla? Tweet at us here.

    Where The Money At?!

    We can’t say we’re about the money and not actually help you find the money.

    So we’ve compiled a list of job opportunities for you. Make sure you share this with anyone who might need it because in this community, we look out for each other.

    Again, don’t mention. We gatchu.

    Share this newsletter

    All good things must come to an end. But not this good thing. We’ll be back next week.

    In the
    meantime, keep reading Zikoko’s articles and be sure to share the love.

    Till next week…

    Yours cashly,

    Dwin,

    The Other Mr Money

    Did someone awesome send this to you?

    Subscribe to this Newsletter

    18, Nnobi Street, Surulere, Lagos,
    Nigeria

    Edwin Madu

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  • We Rated Ben Ayade’s Weirdass Budget Names

    Nigerian politicians are one of two things: comic book villains who do nothing for their people or natural-born comedians who are bad at politics but have rich entertainment value. It’s rare to be both, but Governor Ben Ayade of Cross River State is one of those special characters.

    We Rated Ben Ayade's Ridiculous Budget Names

    He’s either five minutes away from crying or breaking into a dance

    Since he became governor in 2015, Ayade’s most defining legacy is turning budget presentations into spectacles because of how ridiculously he names them every year. Following the recent presentation of his last budget as governor, it’s only fitting to rate how we feel about all eight of the names he gave his budgets.

    Budget of Deep Vision — 4/10

    We Rated Ben Ayade's Ridiculous Budget Names

    Ayade presented his first budget in 2016 and you could tell he wasn’t yet sure whether to show everyone his weird ways. So, he played it safe and ended up with a name even an amateur motivational speaker would give some colour.

    Budget of Infinite Transposition — 6/10

    We Rated Ben Ayade's Ridiculous Budget Names

    By 2017, Ayade had developed the confidence to be more experimental. So he transposed into an infinite lovable circus clown who gave the budgets more aesthetics than substance. Things only got weirder from then on.

    Budget of Kinetic Crystallisation — 8/10

    Before he fell for the temptation of politics, Ayade was already a professor of science, and this 2018 budget name feels like he forgot for a minute he’s no longer inside the lecture theatre. The people of Cross River asked for a budget to make their lives better and he gave them a science buzzword.

    Budget of Qabalistic Densification — 9/10

    We Rated Ben Ayade's Ridiculous Budget Names

    This 2019 budget sounds like the theme for a party of ritualists on a full moon night when Mercury is in Obalende. It’s also not a coincidence this was the year COVID rose from the pits of hell and started showing the world shege. Governor Ayade, what did you do!

    Budget of Olimpotic Meristemasis — 11/10

    We Rated Ben Ayade's Ridiculous Budget Names

    It’s difficult to explain but this 2020 budget name is Ayade’s magnum opus in the same way the Mona Lisa is the toast of the art world. There’s something about the melody of “Olimpotic Meristemasis” that oozes the eliteness of pounded yam mixed with the audacity of egusi soup. 

    We Rated Ben Ayade's Ridiculous Budget Names

    Ayade’s rent was due when he made this poetic beauty and this is why he’ll be remembered as one of the greatest to walk the hall of Nigerian politics. Sike.

    ALSO READ: Just Imagine if Your Favorite Nigerian Politicians Were Musicians

    Budget of Blush and Bliss — 6/10

    We Rated Ben Ayade's Ridiculous Budget Names

    If you ever wanted to create a make-up brand and are struggling with a business name, Ayade helped out with this 2021 budget name. But it’s a lame follow-up to “Olimpotic Meristemasis”. It sounds like something he heard teenagers say during a school visit to the Government House. The only saving grace here is the alliteration, else this would have been a 4/10. We expect better, Mr Governor.

    Budget of Conjugated Agglutination — 9/10

    There’s something deliberately wicked about this budget name that it feels like a Harry Potter spell. “Conjugated agglutination” sounds like a curse you scream at the driver who cut you off in traffic, your internet service provider, or your boss who set up a one-hour meeting for what could have been an email.

    Budget of Quantum Infinitum — 7/10

    Let’s just say we expected more from Ayade’s final budget. “Quantum Infinitum” sounds like something a cartoon character would scream right before they fart, because the writers have no respect for the little children watching. 

    Ayade could have raided Patrick Obahiagbon’s word bank and given us tastier names like, “Budget of Veritable Bugaboo,” “Budget of Ossifying Proclivities,” “Budget of Veritable Verification of the Verity,” “Budget of Metagrabolised Melancholia,” “Budget of Modus Vivendi,” or “Budget of Hierophantic Candour”. 

    We Rated Ben Ayade's Ridiculous Budget Names

    Hopefully, the next Cross River State governor is taking notes?

    No one really knows Ayade’s motivation for these budget names, but they were provocative and entertaining and offered hope in a gloomy world. Thank you for your service, Sir Ayade.

    We Rated Ben Ayade's Ridiculous Budget Names

    ALSO READ: MKO Abiola’s 1993 Campaign Video Is Still Valid in 2022

    Samson Toromade

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  • What We Learnt from Buhari’s Presentation of the 2023 Budget

    On October 7th, 2022, Muhammadu Buhari presented his final annual budget as the president of Nigeria. 

    What We Learnt from Buhari's Presentation of the 2023 Budget

    He proposed a bill of ₦20.51 trillion to the National Assembly in a long speech that surprisingly didn’t put us to sleep. Here are the things we learnt from his presentation of the 2023 budget.

    Buhari is proud of his achievements

    Buhari has only seven months left until the end of his eight-year reign as Nigeria’s president, so it’s expected that he’d be in a reflective mood. 

    He travelled down memory lane to talk about his supposed achievements in the areas of infrastructure and good governance.

    He also talked about his government’s “impressive” investment in improving Nigeria’s power generation to 4,000 megawatts. Let’s not forget that this figure is serving a country of over 200 million people. 

    The president also forgot to mention the seven times the national grid collapsed this year and stressed Nigerians.

    Buhari wants your taxes

    What We Learnt from Buhari's Presentation of the 2023 Budget

    “Bring before me all your taxes so I can afford a medical trip to London“

    Nigeria wants to be a baller, but it’s currently on a mechanic’s income, and Buhari doesn’t like that so much. The president described revenue shortfall as the “greatest threat to Nigeria’s fiscal viability”. 

    And his most prominent solution for addressing that is checking inside the pockets of Nigerians to collect taxes, but sapa has already beaten the government to it.

    Everyone is worried about crude oil theft

    What We Learnt from Buhari's Presentation of the 2023 Budget

    One of the main causes of Nigeria’s revenue shortfall is decreased earnings from crude oil which is the nation’s main source of income. This decrease is due to the activities of oil thieves who are lining their personal pockets with resources that belong to everyone. 

    What We Learnt from Buhari's Presentation of the 2023 Budget

    The Senate President, Ahmad Lawan, described the thieves as “the worst enemy of Nigeria” in his opening speech. We don’t know if that’s because he really cares about Nigerians or because the situation potentially puts his own jumbo allowances in jeopardy. 

    Buhari and the Speaker of the House of Representatives, Femi Gbajabiamila, also raised concerns about the theft. We just didn’t hear them propose concrete solutions to stop the stealing.

    Buhari isn’t worried about Nigeria’s gbese

    What We Learnt from Buhari's Presentation of the 2023 Budget

    Even though Nigeria isn’t making as much as it needs, and is using much of its meagre revenue to service heavy debt, Buhari still isn’t worried. 

    With Nigeria’s total public debt at ₦42.9 trillion, Buhari considers Nigeria’s position as within acceptable limits compared to other countries. So, he thinks this is an “I better pass my neighbour” situation even if both neighbours are stranded in a sinking boat in the middle of the Atlantic Ocean. 

    In Buhari’s proposal, Nigeria will even borrow an additional ₦8.8 trillion to finance the 2023 budget.

    ASUU strikes are forever?

    Nigerian students have been sitting at home for eight months due to the strike action by university lecturers over the government’s failure to respect agreements made several years ago. 

    Students watching Buhari’s 2023 budget presentation wouldn’t have been too pleased to hear the president say his government won’t sign any agreements it can’t implement due to scarce resources.

    The president proposed that the government and the people jointly share the cost of education and build a more sustainable system. He didn’t elaborate on how this can happen, but you can imagine it won’t be his problem for much longer.

    Buhari has set a standard

    Before Buhari became president, Nigeria’s budget presentation and passage used to be chaotic, especially with timelines. But this is the third consecutive year that a national budget will be signed before the beginning of the year it’s proposed for. The timely passage of the budget helps better with implementation and fosters a healthy process. It’s not much, but it’s not nothing. Sai Baba, maybe?

    Buhari loves his National Assembly bromance

    What We Learnt from Buhari's Presentation of the 2023 Budget

    In his final budget presentation, Buhari didn’t miss the opportunity to note that he’s enjoyed the massive support of the current National Assembly for his second term in office. 

    Critics have called them a rubber stamp assembly for being yes-men to Buhari, but the president, who loved getting their many yeses, gave them a shoutout before he dropped the mic.

    Samson Toromade

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