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Dwindling revenue: Buhari government to embark on another borrowing spree

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From Monday to Thursday, the House of Representatives Committee on Finance had an interactive session with revenue-generating agencies on the Medium Term Expenditure Framework (MTEF).

President Muhammadu Buhari had forwarded the 2022-2024 MTEF to the National Assembly for approval. However, what is alarming is that the government is proposing a deficit of N5.2trillion, which will be financed through borrowing.

The MTEF is a rolling plan of three years, which contains macroeconomics projections for the three years under review. The MTEF projection is crude oil benchmark price of $57 per barrel for 2022, crude oil production of 1.88 million barrels per day, and a dollar exchange rate of N410.15 to one US dollar.

At the public hearing, the Chairman of the Committee, James Faleke, appeared to be on the quest to search for money to reduce the proposed deficit and cut the borrowing down.

On Thursday, while speaking to the Nigerian Ports Authority (NPA), he warned that the committee will cut any capital projects by any agency to free more revenue for the government.

Most revenue-generating agencies increase their capital expenditure to reduce their operating surplus which they are supposed to remit to the government.

“The major problem we have is revenue. The MTEF we have now is to borrow N5.2trillion. If we discover that any of your capital projects is not necessary, we will push it to revenue,” Faleke had said.

Agencies like the NPA, Nigerian Communications Commission (NCC), and others have been asked to increase their revenue collection, while the Federal Inland Revenue Services (FIRS) Chairman, Mohammed Nami, told the committee that social media companies like Twitter, Facebook and others will be included in the tax bracket and also planned to introduce road tax.

As revenue continues to dwindled and expenditure continues to rise, Buhari administration continues to resort to borrowing, which is increasing the debt profile of the state and increasing money spent on debt servicing.

For the ongoing 2021 budget, according to the Minister of Finance, Zainab Ahmed, N5.81trillion has been released so far for the 2021 budget, but N2.02trillion was to service debt.

In the proposed 2022 budget estimate of N13.09trillion expenditure, N3.60trillion will go into debt servicing, while the government will be borrowing another N5.22 trillion.

Borrowing 800 billion to fund supplementary budget

In July, the National Assembly passed the supplementary budget, however, out of the N982.7billion approved, the government is planning to borrow N802.1 billion from the Nigerian financial market.

The implication is that the government will be borrowing 80% of the said supplementary budget.

Buhari’s borrowing

As of June 2015 when President Buhari came in, the debt profile of Nigeria, according to the Debt Management Office, was N12.18trillion (Federal, states and FCT)

As of March 31st, the DMO pegged the borrowing at N33.1 trillion. The federal government alone has about N26 trillion of the profile of the entire loan.

This was before the country embarked on the N802.2 billion supplementary budget borrowing.

It would be recalled that in July, the National Assembly approved the borrowing of $6.1 billion loan request by the administration.

Lekan Olaleye, an Economist who spoke with DAILY POST, said the problem is not the debt, but the poor revenue generation and expenditure that has been increasing exponentially.

“Borrowing can help to bridge the gap in infrastructure as the government is claiming, of course, that is true. What is the economic viability of the projects? Can they refund the loans? Will future generations partake in the project. The point is, loans are like a future burden, it will be shifted to generation unborn. If you are giving them a liability, are you bequeathing assets?

“On the revenue aspect, the government’s revenue is struggling to keep up with the expenditure. In the 2022 MTEF, which is a rolling plan, the government is proposing N6.2trillion as recurrent expenditure and N3.60 as debt servicing. Mind you, there is a deficit of over N5 trillion. The implication is that the government is only projecting to generate about N8 trillion for the 2022 fiscal year. In fact, projected revenue is about an estimate, which the government may end up not meeting.

“If you look at the parameters in the MTEF, the oil benchmark is $57 per barrel. The government cannot control the price of oil, it could crash at any point in time. COVID-19 is on the rise, what happens in case of another lockdown? Will FIRS be able to meet up with its target?”

Despite the alarming rate of the increase in the debt profile, the National Assembly continues to approve the loans request of the government.

Also, the government is yet to implement the Steve Oransanye’s report despite promising to implement the report which will help to reduce the cost of governance.

Culled from the Daily Post News Nigeria

Education

Professor Josephine Onyido Earns Prestigious Nigerian Academy of Education Induction

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University of Port Harcourt scholar will be inducted into Nigeria’s apex education academy in Abuja, marking another milestone in a career spanning teaching, research, leadership, mentorship and advocacy

HOUSTON, TEXAS — Professor Josephine Azuka Onyido, an accomplished scholar and academic leader at the University of Port Harcourt, will be inducted into the Nigerian Academy of Education on Wednesday, November 4, 2026, in recognition of her contributions to the advancement of education.

The ceremony, scheduled for the Conference Hall of the National Commission for Colleges of Education in Abuja, places Onyido among scholars recognized for sustained contributions to education, research, and academic development in Nigeria.

A Professor in the Department of Educational Foundations at the University of Port Harcourt, Onyido has built a career encompassing teaching, research, administration, mentorship, curriculum development, and institutional service.

She described the forthcoming recognition as both an honor and a renewed obligation to education. “I receive this recognition with profound gratitude and humility. My journey in education has always been driven by the belief that scholarship must extend beyond the classroom and contribute meaningfully to society. This induction is not simply a personal achievement; it strengthens my responsibility to continue advancing quality education, mentoring future scholars, and promoting opportunities for women and girls. I am deeply grateful to my family, colleagues, students, and everyone who has been part of this journey.”

Onyido earned a Bachelor of Arts in Education (English), a Master of Education, and a Ph.D. in Sociology of Education. She is also a permanent member of the University of Port Harcourt Senate. Her scholarly record includes more than 90 journal articles, book chapters and Sociology of Education Made Easy, a textbook developed to make concepts in the discipline more accessible to students.

Much of her research examines the intersection of education and society, with particular emphasis on gender, women’s empowerment, educational development, social justice and the rights of women and girls. Her work advocates translating academic research into policies and practices that expand educational opportunities and strengthen human-capital development.

Beyond research, Onyido has occupied several academic leadership positions. She served as Acting Head of the Department of Educational Foundations from 2021 to 2023 and has worked as the Departmental Coordinator of Postgraduate Programs, the Anti-Plagiarism Coordinator, the Academic Adviser, and the Editor of the Port Harcourt Journal of Education Studies.

Her influence also extends beyond her university. She has served as an external examiner for several institutions and has participated as a resource person for the National Teachers’ Institute, the University of Port Harcourt, the Centers for Higher Education and Sandwich Programs, and the National Universities Commission verification exercise.

Internationally, Onyido represented the Niger Delta Development Commission at the African Women in Leadership Conference in Kigali, Rwanda, expanding her engagement with issues of women’s leadership, empowerment, and social transformation.

She belongs to several professional organizations, including the Teachers Registration Council of Nigeria, the Association of Sociologists of Education of Nigeria, and the International Association for Gender Equity.

Her academic and community work have earned numerous recognitions, including the Millennium Development Ambassador Award, Lecturer of the Year, Outstanding Project Supervisor, and Professional Service awards.

Yet Onyido’s story also reaches deeply into heritage and service. She is the great-great-granddaughter of King Josiah Constance Ockiya, MINGI VII, Amanyanabo of Nembe Kingdom and Supreme King of Brass. Her great-grandfather, Rev. Daniel Ockiya, translated the Bible into the Nembe language.

A committed Catholic and Jerusalem pilgrim, she has also served in church and community leadership positions and was recognized by the Catholic Women Organization of the Port Harcourt Diocese as a “Quintessential Woman.”

For Onyido, the November 4 induction represents more than another distinction on an extensive academic résumé. It recognizes a career built around an enduring principle: education achieves its greatest value when knowledge is transformed into opportunity, service, and social progress.

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Houston

PCNI Elevates Chief Dr. Emmanuel Opara to Patron in Historic Ihiagwa Investiture

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Sugar Land People’s Club leaders celebrate their First Vice Chairman’s December 22 investiture, describing the honor as recognition of leadership, scholarship, service, and commitment to the enduring ideals of the People’s Club

HOUSTON, TEXAS — All roads will lead to Ihiagwa, Owerri, Imo State, Nigeria, on December 22, 2026, as members, associates, and well-wishers of People’s Club of Nigeria International gather for the Patronship Investiture of Hon. Chief Dr. Emmanuel Uzoma Opara, First Vice Chairman of the Sugar Land People’s Club of Nigeria International (SLPCNI).

The ceremony will mark another milestone for the Sugar Land branch, historically recognized within the organization as its First International Branch, and will elevate one of its senior officers into the distinguished circle of PCNI patrons.

Since its inception in 1971, the People’s Club of Nigeria has developed into an international social and philanthropic organization with branches in Nigeria, the United States, and Europe. Its tradition emphasizes fellowship, community service, and the principles of Love, Unity, and Service.

Within that tradition, patronship carries significance beyond a ceremonial title. Patrons are expected to serve as senior advisers, custodians of institutional values, and respected voices in sustaining the organization’s heritage and direction. The recognition is traditionally associated with sustained service, leadership, and commitment to the Club and society.

For Opara, the honor also recognizes a professional life extending far beyond community leadership.

An academic and technology specialist, Opara’s scholarly interests span cybersecurity, digital and media forensics, artificial intelligence, and Agentic AI. His research includes digital forensic investigation, incident response and threat analysis, memory analysis, advanced-adversary containment and intrusion detection, including applications of Python programming.

His work also engages with memory forensics and investigative technologies, as well as the offensive and defensive dimensions of cybersecurity, commonly characterized as Red Team and Blue Team operations.

Opara is a Fellow of the International Information Management Association (FIIMA) and serves as an Associate Editor of the Journal of International Technology and Information Management (JITIM).

Reflecting on the forthcoming investiture, Opara described the recognition as a responsibility rather than simply another distinction.

“I receive this honor with profound gratitude and humility. Patronship represents a responsibility to protect the values that have sustained People’s Club for generations: love, unity, service, and genuine fellowship. Whatever we achieve professionally becomes more meaningful when we use our knowledge, experience, and resources to strengthen our communities and create opportunities for others. I look forward to serving the Club at an even greater level.”

Grand Patron of SLPCNI, Hon. Ide Obinna Nnanyelugo Mbachu, said Opara’s elevation reflects the leadership qualities expected of those entrusted with preserving the organization’s legacy. “Chief Dr. Opara represents the combination of intellectual accomplishment, community service, and organizational commitment that the People’s Club should continue to encourage. Patronship is not merely about recognition; it carries an obligation to guide, support and protect the institution. We are proud that another leader from our Sugar Land family has earned this important honor.”

Hon. Prof. Chris Ulasi, Group Chairman of SLPCNI, said the investiture demonstrates the depth of leadership within the Sugar Land branch. “This is a proud moment for Sugar Land People’s Club. Chief Dr. Opara has distinguished himself through service, scholarship, and dedication to our organization. His investiture strengthens our branch while reinforcing our connection to the national and international People’s Club family. We congratulate him and look forward to celebrating with him in Ihiagwa.”

The December gathering is expected to draw PCNI leaders, patrons, members, family, friends, and community representatives from Nigeria and abroad. Beyond the pageantry of the ceremony, however, Opara’s investiture carries a broader institutional message: leadership within the People’s Club is ultimately measured by service.

On December 22, Ihiagwa will host the celebration. But for Sugar Land, the occasion will also be a celebration of one of its own—a scholar, technology professional, and community leader entering a new chapter of responsibility in the People’s Club tradition.

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Houston

Membership Surge Continues as Dr. Nkem Ugwu Joins People’s Club

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Following a successful induction ceremony, the First International Branch continues to attract new members drawn to its tradition of friendship, service, culture, and community

SUGAR LAND, TEXAS — The Sugar Land People’s Club of Nigeria International (SLPCNI) is continuing its membership expansion following its recently concluded induction ceremony, with Dr. Nkem Ugwu becoming one of the latest community members to join the organization.

Ugwu, a Sugar Land resident originally from Nsukka, Enugu State, Nigeria, is an entrepreneur and mother of three sons, a mother-in-law, and a grandmother. She describes service to others, family, and community engagement as important parts of her personal and professional life.

Grand Patron Ide Obinna Nnanyelugo Mbachu addressing the September Conference of the Sugar Land PCNI

Her membership comes on the heels of the branch’s successful bi-annual induction ceremony, during which 16 new members were formally sworn in by PCNI National President Atty. Fidelis Onyebueke. The celebration attracted national leaders, patrons, and members representing branches from across the People’s Club network.

Photo from left: Hon. Chief Sir Michael Okeke; Hon. Anaeto Okakpu “Oranwezuluaku”; Grand Patron Ide Obinna Nnanyelugo Mbachu; Hon. Dr. Nkem Ugwu ; Hon. Prof. Chris Ulasi, Group Chairman; Hon. Chief, Sir Basil Mbuba; Hon. Chief Sir Dr. Uche Egbuchuam “Akudo World Wide.”

Ugwu said joining the organization provides an opportunity to develop meaningful relationships while contributing to its mission.

“I am truly excited and honored to join the prestigious People’s Club of Nigeria International, Sugar Land Branch. I look forward to getting to know fellow members, building lasting friendships, and becoming actively involved in this vibrant and welcoming community. I am especially drawn to the Club’s tradition of fellowship, service, and mutual support, and I hope to contribute my experience, energy, and passion for serving others to its continued growth.”

Grand Patron Ide Obinna Nnanyelugo Mbachu welcomed Ugwu, describing continued interest in membership as encouraging for the historic First International Branch.

Membership Chairperson Hon. Chief Udoji Achebe and Hon. Ndidi Chidume

“When people of accomplishment and community spirit continue to identify with our organization, it tells us that the values upon which People’s Club was built remain relevant. We welcome Dr. Ugwu and look forward to the experience and fellowship she brings to our family.”

Hon. Prof. Chris Ulasi, Group Chairman, said the branch’s recent induction helped showcase an organization that continues to combine Nigerian cultural heritage with community engagement in Houston.

“Our successful induction created tremendous enthusiasm, but our focus goes beyond ceremonies. We are building a stronger organization rooted in friendship, responsibility and service. Dr. Ugwu’s decision to join reflects that continuing momentum.”

One of the meeting hosts, Hon. Professor Keih George, introduces the co-meeting hosts.

Membership Chairperson Hon. Chief Udoji Achebe said the branch remains interested in individuals prepared to participate actively in its programs and fellowship.

“Membership is about belonging, but it is equally about participation and contribution. We are delighted to welcome Dr. Ugwu and other prospective members who share the principles and aspirations of People’s Club.”

For SLPCNI, the growing interest following its induction represents another chapter in the evolution of a branch with a special place in the organization’s history.

And for Ugwu, it marks the beginning of a new journey—one centered on friendship, community, and service.

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