Tuesday, September 25, 2018

Tag "2018 budget"

    2018 budget: Why I’m worried but not surprised at national assembly

2018 budget: Why I’m worried but not surprised at national assembly

BY EDWARD ONOJAWe are in May and the 2018 budget submitted to the national assembly by President Muhammadu Buhari in November 2017 is yet to be passed.In March, a desperate Buhari directed all ministries, departments and agencies of government to submit every detail of their budget to the national assembly, no matter how minute.The legislators had claimed they were [...]

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    INFOGRAPHIC: Projected 2018 revenue of states grossly inadequate to fund budgets

INFOGRAPHIC: Projected 2018 revenue of states grossly inadequate to fund budgets

The Nigeria Extractive Industries Transparency Initiative (NEITI), says states in the federation will be unable to execute their budgets or may have to increase borrowing because projected revenue is less than planned spending.In its quarterly review released on Thursday, NEITI said projected revenue for the 36 states was derived by summing up total projected internally generated revenue (IGR) with projected [...]

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    House of reps adjourns but fails to lay 2018 budget as promised

House of reps adjourns but fails to lay 2018 budget as promised

The house of representatives has adjourned Tuesday's plenary without laying the 2018 appropriation bill for passage as earlier promised.Last week, Abdulrazaak Namdas, spokesman of the lower legislative chamber, said the 2018 budget would be laid before the lawmakers on Tuesday and passed within the week.“By next week (ie. this week), everything about the budget will be treated and passed,” he [...]

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    Saraki contradicts house of reps, says budget to be passed next week

Saraki contradicts house of reps, says budget to be passed next week

Senate President Bukola Saraki says the national assembly will pass the 2018 appropriation next week.This contradicts the earlier date the house of representatives set for the passage of the budget.Last week, Abdulrazaak Namdas, spokesman of the house of representatives, said the budget would be laid before the lawmakers on Tuesday and passed within the week.“By next week (ie. this week), [...]

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    Akabueze: We hoped that at worst budget would’ve been passed in January

Akabueze: We hoped that at worst budget would’ve been passed in January

Ben Akabueze, director-general (DG) of budget office of the federation, says the national assembly should make progress on enactment of the “organic budget law” to counter delay in the passage of the 2018 appropriation bill.Speaking on Saturday on the sidelines of “Exploit 2018,” a business empowerment platform organised by Salem International Christian Center (SICC), Lagos Akabueze said he and his [...]

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    N’assembly seeks extension of Budget 2017 till May 31

N’assembly seeks extension of Budget 2017 till May 31

The national assembly is seeking to extend the 2017 budget to May 31, Mustapha Dawaki, chairman of the house of representatives committee on appropriation, has said.Speaking at a two-day public hearing on the 2018 budget, Dawaki said a letter has been written to Ahmed Idris, accountant-general of the federation (AGF), asking him not close the budget account.Dawaki said 2017 budget [...]

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    N’assembly to pass 2018 budget April 24

N’assembly to pass 2018 budget April 24

The national assembly says it will pass the 2018 appropriation bill into law on April 24.Yakubu Dogara, speaker of the house of representatives, announced this during plenary on Wednesday.He said both the senate and house have agreed that the budget will be presented on April 19 and passed on April 24.President Muhammadu Buhari had on Monday given ministries, department and [...]

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    FG replies senate: MDAs not delaying passage of 2018 budget

FG replies senate: MDAs not delaying passage of 2018 budget

The ministry of budget and national planning has denied claims that government ministries, agencies and departments (MDAs) are delaying passage of the 2018 appropriation bill.Last week, the senate accused the MDAs of “frustrating” efforts to pass the budget.Sunny Ogbuoji, vice-chairman of senate appropriation committee, had said the committee was having difficulty harmonising reports on the budget because “most of the [...]

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    ‘N500m for new vehicles, N1.9bn for secretariat’ — APC proposes N14bn budget for 2018

‘N500m for new vehicles, N1.9bn for secretariat’ — APC proposes N14bn budget for 2018

The All Progressives Congress (APC) has budgeted a sum of N14.82 billion for 2018.The proposal was contained in a memo presented by Bala Gwagwarwa, party's national treasurer, to the APC national caucus on Monday.The ruling party hopes to fund its 2018 budget from levies on elected and appointed office holders, nomination fees, fundraising and sale of party membership cards.According to [...]

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    Senate: MDAs delaying passage of 2018 budget

Senate: MDAs delaying passage of 2018 budget

The senate has accused ministries, departments and agencies (MDAs) of delaying the passage of the 2018 budget.Subsequently, the upper legislative chamber gave the MDAs an ultimatum of seven days to submit details of their 2018 budget proposal.The senate gave the ultimatum after Sunny Ogbuoji, from Ebonyi state, drew the attention of the lawmakers to the delay by the MDAs in submitting [...]

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    Former CJNs to get N1.3bn retirement benefit in 2018

Former CJNs to get N1.3bn retirement benefit in 2018

Former chief justices of Nigeria (CJNs) will get N1.3 billion as retirement benefit in 2018.Ahmed Saleh, secretary of the National Judicial Council (NJC), disclosed this on Tuesday when he appeared before the senate committee on judiciary, human rights and legal matters, for budget defence.He said the allocation is about N325 billion higher than the N975million budgeted for retired CJNs in 2017.Saleh [...]

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    Agbakoba writes national assembly: 2018 budget is unconstitutional

Agbakoba writes national assembly: 2018 budget is unconstitutional

Olisa Agbakoba, a former president of the Nigerian Bar Association (NBA), says the executive did not comply with the constitution in laying the 2018 budget before the national assembly.Agbakoba said this in letters addressed to Senate President Bukola Saraki and Yakubu Dogara, speaker of the house of representatives.The human rights lawyer said sections 81 to 84 of the constitution (as [...]

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    Budget 2018 ‘suffers setback’ as senators fault commitment of executive

Budget 2018 ‘suffers setback’ as senators fault commitment of executive

The 2018 budget appears to have suffered a setback as members of the upper legislative chamber went on recess without passing it in line with the appeal of the executive.The lawmakers said the budget defence showed that the ministries departments and agencies (MDAs) were not ready.They argued that it was impossible to work on the 2018 budget without having knowledge [...]

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    Ambode presents record N1trn budget — N254bn less than Cross Rivers’

Ambode presents record N1trn budget — N254bn less than Cross Rivers’

Akinwumi Ambode, governor of Lagos state, has presented the 2018 budget before the state house of assembly.The N1.046 trillion budget is N254 billion less than Cross Rivers' 2018 budget. The south-south state estimated N1.3 trillion; the highest by any Nigerian state.Tagged budget of progress and development, it has a capital expenditure of N699 billion and a recurrent expenditure of N347billion.The [...]

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    Senate suspends plenary for two weeks over 2018 budget

Senate suspends plenary for two weeks over 2018 budget

The senate has suspended plenary for two weeks to allow ministries, departments and agencies (MDAs) defend their budgets for 2018.Senate President Bukola Saraki announced the suspension of plenary after the legislators concluded their debate on the general principles of the 2018 budget and passed it for second reading.Saraki said heads of the MDAs should make sure they appear for their [...]

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    Ayade presents N1.3trn budget for 2018 — highest ever by a Nigerian state

Ayade presents N1.3trn budget for 2018 — highest ever by a Nigerian state

Ben Ayade, Cross River governor, has presented a budget of N1.3 trillion for the 2018 fiscal year to the state house of assembly.The budget is the largest for a single state in Nigeria’s history.Lagos state held the record with its N812 billion budget for 2017, although the state has indicated its 2018 budget may also hit N1 trillion.Presenting the proposed [...]

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Exchange Rates

September 24, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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