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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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Lawyer Demands Release of Detained Kano Blogger, Maryam Shehu
By Hassan Agboola
A lawyer and human rights activist, Hamza Nuhu Dantani, has called for the immediate release of Kano-based blogger, Maryam Shehu, who he said has been in the custody of the Economic and Financial Crimes Commission (EFCC) for almost 30 days.
Dantani, in a statement on Monday, said the prolonged detention of Shehu was becoming difficult to reconcile with the rule of law and provisions of the 1999 Constitution, particularly her fundamental right to personal liberty.
He questioned why Shehu should remain in detention for nearly 30 days, particularly over an offence he described as ordinarily bailable.
“How on earth can a person be detained for almost 30 days and counting, particularly in relation to an offence that is ordinarily bailable, without meaningful consideration of her liberty and constitutional rights?” he asked.
Dantani said the EFCC’s powers to investigate did not give the commission the right to detain a suspect indefinitely, punish her before trial or disregard her fundamental rights.
He also criticised the alleged practice of photographing persons in EFCC custody and publishing their images online while they remain presumed innocent.
Citing Section 36(5) of the Constitution, Dantani said the law guarantees the presumption of innocence until a suspect is proven guilty by a competent court.
He warned that publicly portraying suspects as criminals before trial could amount to subjecting them to public punishment and humiliation.
“The EFCC is a law-enforcement institution. It must therefore be the first institution to demonstrate obedience to law. It cannot demand respect for law from citizens while appearing to disregard constitutional safeguards itself,” he said.
Dantani urged the commission to either charge Shehu before a competent court if it has credible evidence against her or release her immediately
.
“We call on EFCC to respect the Constitution, respect presumption of innocence and respect fundamental right to personal liberty. Investigation is not conviction. Detention is not punishment. And an allegation is not guilt,” he said.
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Cristiano Ronaldo’s Comment on Lionel Messi’s Tribute to His Dad Becomes Most-Liked Instagram Comment
By Fabian Apechihin
Cristiano Ronaldo’s heartfelt message to Lionel Messi following the death of his father, Jorge Messi, has reportedly become the most-liked comment in Instagram history.
Jorge Messi died on August 7 in Rosario, Argentina, aged 68. Five days later, Messi paid tribute to his late father in an emotional Instagram post featuring a photo of the pair.
In the post, Messi wrote, “Te amo, pa” — meaning “I love you, Dad” — alongside a lengthy tribute reflecting on his father’s influence and the pain of losing him.
Among the many reactions from fans, celebrities and fellow footballers was a message from Ronaldo.
“Un abrazo enorme para ti y los tuyos en estos duros momentos, Leo. Mucha fuerza,” Ronaldo wrote, which translates to: “A huge hug to you and yours in these tough times, Leo. Much strength.”
Ronaldo’s comment reportedly attracted more than 6.86 million likes and over 86,000 comments, making it the most-liked comment on Instagram.
The previous record was also held by Ronaldo, whose comment on Kylian Mbappé’s announcement of his move to Real Madrid reportedly received more than five million likes.
Other football stars also expressed their condolences to Messi. Neymar Jr.’s message, translated as “Much strength for you and your family. Big hug,” reportedly received more than 1.6 million likes, while David Beckham’s comment expressing support for Messi and his family attracted more than 300,000 likes.
In his tribute, Messi described his father’s death as difficult to comprehend, saying he struggled to accept that he would no longer see or speak with him.
Messi also recalled how his father had encouraged him to play at the 2026 World Cup despite his deteriorating health. He said his father had hoped to watch him compete and had planned to travel if his condition improved.
According to Messi, he had promised his father that Argentina would reach the final so he could be there. Although Argentina reached the final, his father was unable to attend.
Reflecting on the loss, Messi said he had wanted to win the tournament and bring the trophy to his father but ultimately struggled physically during the competition.
The emotional tribute highlighted the close bond between Messi and his father and the profound impact of his loss on the football superstar.
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Why Did Senate President, Edo Governor Come to Osun to Monitor Election? – Analyst
By Fabian Apechihin
Aliu Mohammed, Chief Executive Officer of Magnate Communication and Public Affairs Analyst, has questioned the decision of Senate President Godswill Akpabio and Edo State Governor Monday Okpebholo to travel to Osun State to monitor the governorship election.
Mohammed raised the question while discussing political developments surrounding the election during an interview with Vanguard News TV on Tuesday, August 18, 2026.
The public affairs analyst wondered why senior political figures, including the Senate President and a governor from another state, would personally travel to Osun to monitor the election when the All Progressives Congress (APC) already had party officials on the ground to represent its interests.
“Why would people at the level of Senate President, the Governor of Edo State, come to Osun State to monitor an election when you have your party officials there?” Mohammed asked.
His comments came amid discussions about the involvement of senior APC figures in the Osun governorship election. Their presence in the state attracted attention as political parties and their supporters monitored the voting process and awaited the outcome.
Mohammed questioned the necessity of having the Senate President and the Edo State Governor physically present in Osun to observe the electoral process.
He argued that party officials ordinarily have the responsibility of monitoring elections and representing their parties at polling locations and other relevant stages of the process.
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