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MTEF: FG proposes 2.3m bpd oil production at $60pb oil benchmark
The Federal Government says its key assumptions and micro-framework of the 2019 budget will be based on a projection of 2.3mbpd oil production, oil price benchmark of 60 dollars per barrel.
It also indicated exchange rate of N305 to a dollar, 9.98 inflation rate, 119,28 trillion nominal consumption, 139.65 trillion nominal GDP and 3.01 per cent GDP growth rate.
These were disclosed in Abuja on Tuesday during a public hearing on the Medium Term Expenditure Framework (MTEF) held by the House of Representative Joint Committee on Finance, Appropriation, Aids, Loans and Debt Management headed by Rep. .Babangida Ibrahim.
The Director-General, Budget Office of the Federation, Mr Ben Akabueze, said the Economic Recovery Growth Plan (ERGP) projection for oil production was put at 2.4mbpd, oil price benchmark of 60 dollars per barrel.
He added that exchange rate of N305 was to a dollar, 13.39 inflation rate, 106, 03 trillion nominal consumption, 126, 36 trillion nominal GDP and 4.5 per cent GDP growth rate.
Akubueze said the second quarter of 2017, Nigeria was expected to continue to experience growth from 0.8 per cent in 2017 to 2.1 per cent in 2018 and 3.01 per cent in 2019.
In his summary of the 2018 performance, Akabueze said: “As at the end of 2018, federal government aggregate revenue was N3.96 trillion, which is 55 per cent of the budget and which is higher than the 2017 revenue.”
The breakdown, according to him, was oil revenue (N2.32 trillion – 77 per cent of budget and 64 per cent higher than 2017); Company Income Tax (CIT) of N637, 25 billion (80 per cent of budget and 1.7 per cent higher than 2017) and Customs Collection of N303, 91billion (94 per cent of budget and 16 per cent higher than 2017.
According to him, notwithstanding the softening in the international oil prices in late 2018, the considered opinion view of most reputable oil industry analysts was that the downward trend was not necessarily reflective of the outlook for 2019.
“Currently, the average Brent oil price projection for 2019 by 32 different institutions with relevant expertise is still about 69/b dollars.”
He assured Nigerians that the government would sustain its fiscal strategy of directing resources to most productive and growth-enhancing sectors while efforts will be intensified to increase revenue.
He added that the government will equally leverage private capital to supplement capital allocation from the budget.
“We will closely monitor the situation and will respond to any sustained changes in the international oil price outlook for 2019.
“Mr President has directed the Nigerian National Petroleum Corporation (NNPC) to take all possible measures to achieve the targeted oil production of 2.3 million barrels per day.
“The budget proposal seeks to continue the reflationary and consolidation policies of the 2017 and 2018 budgets respectively, which helped put the economy back on the path of growth.”
The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, also spoke on the projected tax revenue for the period and the baseline assumptions.
He said the tax office was optimistic of performing better than 2018.
“For the year 2018, the federal government gave the FIRS a collection target of N6,747 trillion.
“Analysis of actual collection figures for the year ended December 2018 shows that we collected a total of N5. 320 trillion, which represents 78.86 per cent of the target.
“The FIRS 2019 – 2021 revenue framework is based on the 2019 – 2021 Medium Term Expenditure (MTEF) and Fiscal Strategy Paper (FSP).
“While the collection figure for 2018 were significantly higher than ever before, the FIRS is not resting on it oars and is continuing with the implementation of various measures to ensure that tax revenue collection significantly improves further in 2019.”
Some of such measures,according to him, are through Strategic Revenue Growth Initiative (SRGI), tax audit, use of technology (such as VAT Auto Collect, State Offices of Accountant-General Platform), integration with GIFMIS for federal MDAs.
Others, he said, are eService and Mobile Payment Options, sustained enforcement activities, voluntary assets and Income Declaration Scheme and amendment of tax laws to improve collection.
The Minister of Finance, Mrs Zainab Ahmed, also assured that the federal government had evolved a new revenue strategic growth agenda developed by her ministry to ensure a sustainable revenue flow system.
“We have identified new revenue streams and we’re working to tap into them.
“Especially the identification of new taxes for which we are working with the FIRS to bring that to fruition, of course with amendment to relevant tax laws.
“We are working now to implement the TSA to cover foreign accounts operated by government agencies in order to broaden the net and minimise leakages.”
Also, the Accountant-General of the Federation, Mr Ahmed Idris, noted that June 30, 2019 date has been set for the closure of 2019 budget.
Idris also stated that Nigeria will not renege on its obligations to foreign and local creditors.
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TAU reaffirms commitment to globally competitive learning
- As 16 graduands make First Class
Stephen Olufemi Oni, Ilorin
The Thomas Adewumi University (TAU), Oko-Irese, in the Irepodun local government area of Kwara State, has reaffirmed its commitment to strengthening quality education, innovation, and globally competitive learning.

Speaking at the institution’s 2nd Convocation ceremony in Oko-Irese, the Vice Chancellor of the University, Professor Francisca Onaolapo Oladipo, said TAU is living up to its ranking as the fastest growing institution in Science, Technology, Engineering, Medicine, and Innovation (STEM-i) ecosystem by surpassing more than 100 percent in its number of graduating students at the second convocation.
She said: “TAU emerged on April 8, 2021, as Nigeria’s fastest-growing Science, Technology, Engineering, Medicine and Innovations (STEM-i) ecosystem. Today, we rank 1st among the 20 private universities that were licensed in
2021, 4th among the 14 Universities in Kwara State, 5th among Nigeria’s over 170 private Universities and 50th nationally, an impressive rise reflecting our unwavering commitment to excellence.
”What a Moment of Extraordinary Significance today, we stand at a crossroads far more significant than words can adequately capture. Exactly one year ago, we gathered at this very Auditorium to celebrate our inaugural Convocation, a ceremony that marked the graduation of 26 pioneering students who dared to believe in a vision when others saw only impossibility. Those 26 trailblazers proved that Thomas Adewumi University was not just a dream, but a reality rooted in excellence. Today, as we honour 63 outstanding graduates, we witness something far more profound than numerical growth.
“This 142% increase in our graduating class is not merely a statistic to be recorded in annual reports, it is a declaration that Thomas Adewumi University has transcended the realm of promise and entered the domain of proof.
“We have moved from potential to performance, from aspiration to achievement, from vision to velocity.
This year, 63 graduands from 4 Faculties and 11 academic programmes are being conferred. It is noteworthy that we have 16 First Class graduates, 40 in Second Class Upper Division, and 7 in Second Class Lower Division. These results reflect the quality of training and mentorship provided at Thomas Adewumi University, and we are proud to contribute these innovators to both the Nigerian and global workforce, confident that they will make a meaningful
impact.
”Preparing Globally Competitive Graduates, these 63 graduands are not merely degree holders, they are comprehensively prepared global professionals equipped with exceptional advantages that set them apart from their peers nationwide. Through our international partnerships, these graduates have obtained additional microcredentials from MIT, Harvard, Stanford, Columbia, Berkeley, and Yale, world-class certifications from Alison, UK, RUDN professional University, Russia, World Bank’s Saylor Academy, Google, ICAN, and the Global Partnership for Sustainable Development initiatives in Data Science and Artificial Intelligence.
“Our Coursera collaboration provided them with additional industry certifications, while partnerships with Microsoft, IBM SkillsBuild, and MIT OpenCourseWare through our Global Campus initiative democratize access to cutting-edge knowledge. They are thus fully equipped to embark on meaningful and innovative careers in today’s technology-driven world.”
Earlier in his Convocation Lecture, titled “Crowdfunding Opportunities forstartups: Equiping Nigerian graduates for a sustainable future”, Dr. Bayo Williams Olugbemi charged the graduads on the mindset of job creation, saying “as a graduate, your future is not defined by what Nigeria gives you, but by what you create. The idea of crowdfunding is the idea of hope. It is proof that when people come together, ideas once impossible become achievable.
“I urge you not to think only about searching for jobs. Instead, think about creating value, and if capital is a barrier, remember: “The crowd can be your first investor.”
In his goodwill message, the Executive Secretary of the National University Commission, Professor Abdullahi Ribadu, represented by Esther I. Eyo, Esq commended the resilience of TAU management said “NUC acknowledges TAU sustained progress in advancing quality teaching, impactful research, innovation, and community engagement, all of which align with our national aspiration for a globally competitive and knowledge-driven university system.
“It would interest you to know that, in the accreditation exercise conducted in 2023, Thomas Adewumi University achieved a 100% Full Accreditation status across all programmes assessed a laudable feat that reflects the University’s strong commitment to maintaining high academic standards.”
Also speaking, the Founder/Chancellor of the institution, Dr. (Engr) Johnson Adewumi, urged the graduands to be good ambassadors of the University, adding: “Remember that your degree is not an end but a beginning, go forth with courage, humility, and a sense of responsibility. Strive to illuminate whatever space you occupy with the light of integrity, excellence and service.”
Highlight of the event was the conferment of an honorary doctorate degree on two distinguished personalities; Engr Oluseyi Afolabi and Pastor Oladokun Olatunde.
End
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photo
L-r Speaker, House of Representatives, Tajudeen Abbas; President of the Senate, Godswill Akpabio and Nigeria’s First Lady, Senator Oluremi Tinubu, during the dinner for members of the National Assembly by the First Lady yesterday. Photo: Senate President’s Office.
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JUST IN: Even Tinubu moves with too many police escorts – Senator Ndume
By Hassan Taiye
Senator Ali Ndume has criticised what he described as the excessive use of security convoys by top government officials, including President Bola Tinubu, warning that the practice leaves ordinary citizens exposed and vulnerable.
Speaking on Politics Today on Channels Television on Thursday, Ndume said many public office holders move with security details that are unnecessarily large, even when their positions do not warrant such heavy protection.
He recalled visiting the residence of a colleague and finding “more than 10 policemen” attached to him, despite the lawmaker being junior to him in the National Assembly.
Ndume further argued that the presidential convoy itself is excessively large, stressing that security efforts should be focused on protecting the overall environment rather than individual personalities.
He said: “I went to one of my colleagues’ house for dinner. And I saw more than 10 policemen. He is even my junior in the National Assembly. Some of them, if you see them coming, you will pull back thinking that maybe it’s the President or the Vice President that is coming.
“
You can see even the president, the convoy that the president goes about with is too much. Secure the place and when the president goes, you withdraw. Secure Abuja and the president can even drive out, you know, himself.
But when you secure personalities, and this is what is happening in Nigeria, then others, common people, as we call them, become vulnerable, and we don’t care. So if you secure Abuja, then you can drive at night. And let me tell you, this is what is happening in most countries”.
The lawmaker’s comments come just days after President Tinubu ordered the withdrawal of police officers from VIP escort and guard duties.
In a statement, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the directive was aimed at redeploying police manpower to core law enforcement responsibilities.
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