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 [...]
Tag "2018 budget"
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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 [...]
Twenty new road construction projects across the country will cost N13.3 billion, the 2018 budget document has shown.The federal government allocated a total of N555.99bn to the ministry of power, works and housing, the highest in the budget.Out of that amount, N295bn has been earmarked for key capital projects, to fund road construction, expansion and maintenance across the country.Of the [...]
Senate President Bukola Saraki says he "sometimes wonders" if technocrats want to embarrass the federal government.He said this in reaction to the assumptions the N8.6 trillion 2018 budget proposal is predicated on.Citing an example, the senate president wondered why the budget would be predicated on 2.3 million barrels per day when the country has only able to record 1.9 million [...]
Enyinnaya Abaribe, senator representing Abia south, says the 2018 budget is "totally fictitious".Abaribe said this at the commencement of the debate on budget at the upper legislative chamber on Tuesday.The senator said the proposed N8.6 trillion appropriation bill could not be described as a budget of consolidation because "nothing was done" in 2017.He said the assumptions of the budget are [...]
Aliyu Sabi, spokesman of the senate, says some top officials of government have been ignoring invitations to answer questions about the 2018 budget.Addressing reporters in Abuja on Wednesday, Sabi said the absence of chief executives of some agencies is making the work of the joint appropriations committee difficult.He added that this could affect the passage of the budget by the [...]
Senate President Bukola Saraki on Tuesday announced the postponement of a debate on the 2018 budget.Saraki said the debate, which was earlier scheduled to hold on Wednesday and Thursday, had been postponed till November 28.President Muhammadu Buhari had presented the budget to the senate on November 7 and Udoma Udo Udoma, minister of budget and national planning had expressed the [...]
The federal government submitted a proposed expenditure budget of N8.612 trillion for 2018 to a joint assembly of the national assembly on November 7.According to President Muhammadu Buhari, the budget is supposed to consolidate the efforts already made with the 2017 budget in developing infrastructure and maintaining economic growth.A breakdown of the 1,918-paged document shows that the ministry of finance [...]
Data made available by the National Bureau of Statistics (NBS) on Wednesday show that food inflation recorded the lowest month-on-month movement since September 2016.According to the Core Price Index for October 2017 released by the bureau, the country's inflation rate stands at 15.91% in October 2017, marginally down from the 15.98% recorded in September 2017.But the consumer price index (CPI) [...]
Nigeria's dependence on oil revenue to fund its budget may finally be coming to an end as the federal government expects to earn nearly 63% of its income from non-oil sources in 2018.However, with the prices of crude oil on the rise -- now above $60 a barrel -- strict discipline in managing the excess revenue will play a key [...]
President Muhammadu Buhari presented a budget proposal of N8.6 trillion before a joint session of the national assembly on Tuesday.Tagged: 'Budget of Consolidation', Buhari expressed optimism that the budget would transform the country for the better.He appealed to members of the national assembly to treat the budget estimate with all seriousness so that the country could revert to its January-to-December fiscal [...]
Femi Adesina, presidential spokesman, says the federal government will begin implementation of the 2018 budget by January.Adesina said the presentation of the 2018 budget to the national assembly is “promise made and promise being kept”.He said barring any exigencies, government would revert to the January- to-December budget cycle.Adesina spoke in a video published by the Presidency Office of Digital Engagement (PODE).“We [...]
Banks and shops operating within the National Assembly Complex did not be open for business on Tuesday because of the budget presentation by President Muhammadu Buhari.On Thursday, the president wrote a letter to the national assembly, requesting to present the estimates of the budget to by 2pm on Tuesday.According to the 2018-2020 medium term expenditure framework and fiscal strategy paper, the [...]
Ahmad Lawan, senate majority leader, says passing the 2018 budget by December 31 must not be done at all cost.During his time as acting president, Vice-President Yemi Osinbajo, alongside members of the federal executive council, agreed to return the federal government to a January-December budget calendar, starting with the 2018 budget.But Lawan said returning to a January-December calendar will depend [...]
The federal executive council (FEC) has approved the draft for the 2018 budget proposal.Udo Udoma, minister of budget and national planning, said this on Thursday while addressing state house correspondents after the FEC meeting in Abuja.He said FEC will liaise with the national assembly on when President Muhammadu Buhari will submit the draft to the lawmakers. “We did promise that the [...]
The federal government plans to finance the N3.52 trillion deficit in the 2018 budget with revenue from crude oil sales and non-oil sources.According to the medium term expenditure framework (MTEF) and fiscal strategy paper (FSP), 43.2 percent of funds are projected to come from oil revenue, while 56.8 percent is to be earned from non-oil sources.Data from the MTEF and [...]
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