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"

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 [...]

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) [...]

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 [...]

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 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 [...]