Tag "2020 budget"

    Senate raises crude oil benchmark to $28 per barrel from $25

Senate raises crude oil benchmark to $28 per barrel from $25

The senate has raised the price of crude oil from $25 as proposed by the executive to $28 per barrel. The budget benchmark was approved after Solomon Olamilekan, chairman senate committee on finance, presented a report on the revised medium term expenditure framework (MTEF) and fiscal strategy paper (FSP). The MTEF and FSP which the 2020 budget was predicated on was amended [...]

0 comment Read Full Article
    Reps panel warns MDAs against tampering with revised 2020 budget

Reps panel warns MDAs against tampering with revised 2020 budget

A house of representatives panel has warned government ministries, departments and agencies (MDAS) against tampering with the revised 2020 budget In a statement, the house committee on appropriations said there are reports that MDAs are making adjustments in their various budgets following the review by the federal government. Although President Muhammadu Buhari had presented  N10.59 trillion budget for 2020, the COVID-19 pandemic forced [...]

0 comment Read Full Article
    Atiku asks FG to sell presidential jets, scrap N27bn n’assembly renovation budget

Atiku asks FG to sell presidential jets, scrap N27bn n’assembly renovation budget

Atiku Abubakar, former vice president, has advised Nigerian leaders to abandon luxury and adjust to the reality that comes with living in a pandemic. In a statement on Thursday, Atiku described the reduction of the 2020 budget by 0.6% as "window dressing". "It is to my consternation that despite the crash in the price of oil, and the inability of Nigeria to [...]

0 comment Read Full Article
    FEC increases revised 2020 budget by N318bn

FEC increases revised 2020 budget by N318bn

The federal executive council (FEC) has approved an increase in the size of the revised 2020 budget by N318 billion from N10.276 trillion to N10.523 trillion. The total budget size is N71.5 billion lesser than the original budget of N10.594 trillion and N318 billion higher than the N10.276 trillion revised budget sent to the national assembly. Addressing journalists after the virtual meeting [...]

0 comment Read Full Article
    Senate approves Buhari’s N850bn loan request to fund 2020 budget (updated)

Senate approves Buhari’s N850bn loan request to fund 2020 budget (updated)

President Muhammadu Buhari has asked the national assembly to approve a loan request of N850 billion to fund the 2020 budget. The president's request was contained in a letter read by Senate President Ahmad Lawan on Tuesday. Buhari asked that the loan be raised from the domestic capital market. According to the president, borrowing from the international market is unattractive because of the [...]

0 comment Read Full Article
    2020 budget deficit jumps to N5.18trn — 50% of current budget size

2020 budget deficit jumps to N5.18trn — 50% of current budget size

The 2020 budget deficit has increased to N5.18 trillion after adjustments were made to revenue projections in line with prevalent global realities. The deficit in the previous budget was N2.17 trillion. TheCable had reported on Wednesday that N312 billion was slashed from capital projects in the 2020 budget, representing a 20% cut. Although the national assembly and judiciary are yet to make adjustments to [...]

0 comment Read Full Article
    FG slashes N312bn off capital projects in 2020 budget

FG slashes N312bn off capital projects in 2020 budget

The federal government has slashed N312 billion from projects approved in the 2020 budget. This is in view of reduced revenue and oil prices as a result of the COVID-19 pandemic. Documents seen by TheCable on Wednesday showed that the amount represents a cut of 20% off capital projects. TheCable also understands that the national assembly and judiciary will determine the cuts to [...]

0 comment Read Full Article
    FG consults national assembly over 2020 budget revision

FG consults national assembly over 2020 budget revision

Zainab Ahmed, the minister for finance, budget and national planning, is consulting the national assembly for the revisions to be made to the 2020 budget. Ahmed is currently meeting with the leadership of the national assembly with Clem Agba, the minister of state for budget and national planning; and Ben Akabueze, the director-general of the Budget Office. A drop in crude oil [...]

0 comment Read Full Article
    Oil price crash: FG proposes to cut 2020 budget by N1.5trn, suspends recruitment

Oil price crash: FG proposes to cut 2020 budget by N1.5trn, suspends recruitment

The federal government is proposing to cut the 2020 budget size by N1.5 trillion from N10.59 trillion to N9.09 trillion. Zainab Ahmed, the minister of finance, budget and national planning, announced the proposed cuts on Wednesday. The proposal has to be approved by the national assembly. "From the expenditure side, the president has approved that we should cut down the capital expenditure budgeted by [...]

0 comment Read Full Article
    Zainab Ahmed: We may review 2020 budget over coronavirus

Zainab Ahmed: We may review 2020 budget over coronavirus

Zainab Ahmed, minister of finance, says the federal government may review the approved 2020 budget over the economic impact of coronavirus. The 2020 budget of N10.59 trillion was passed by the national assembly on December 5, 2019, and signed into law by President Muhammadu Buhari on December 17. The budget was based on crude oil benchmark of $57 per barrel with a [...]

1 comment Read Full Article
    ‘N128m for TVs’, ‘N74m for photocopiers’ — inside customs’ 2020 budget

‘N128m for TVs’, ‘N74m for photocopiers’ — inside customs’ 2020 budget

The senate has passed the Nigeria Customs Service (NCS) budget of N238 billion for 2020. The budget was passed after Francis Alimikhena, chairman of the senate on customs, presented a report for consideration. Alimikhena said N98 billion out of the N238 billion would be spent on personnel cost while N15 billion and N123 billion would be spent on overhead and capital costs respectively. Details [...]

0 comment Read Full Article
    FG budgets N4bn for Ajaokuta steel, another N310m for its concession

FG budgets N4bn for Ajaokuta steel, another N310m for its concession

The federal government earmarked N3.79 billion for Ajaokuta Steel Company in the 2020 budget. According to budget documents seen by TheCable, N3.607 million of that amount would be for recurrent expenditure during the year while N188.5 million would go into capital expenditure. Some of the key highlights from the budget include N94.1 million for provision of water facilities, N43 million for maintenance [...]

0 comment Read Full Article
    VAT now 7.5% as Buhari signs 2019 finance bill into law

VAT now 7.5% as Buhari signs 2019 finance bill into law

The proposed increase in the rate of value-added tax from the present 5% to 7.5% has been signed into law. President Muhammadu Buhari signed the 2019 finance bill into law in Abuja on Monday. The bill was submitted to the national assembly alongside the budget. However, the bill signing is coming 27 days after the 2020 budget was signed into law on December [...]

0 comment Read Full Article
    Sanwo-Olu promises accountability as he signs 2020 budget into law

Sanwo-Olu promises accountability as he signs 2020 budget into law

Babajide Sanwo-Olu, governor of Lagos state, has signed the 2020 budget of N1.168 trillion into law. Sanwo-Olu signed the budget at his office in Alausa, Ikeja, on Tuesday. Babafemi Hamzat, his deputy, Mudashiru Obasa, speaker of the state house of assembly, Gbolahan Yishau, chairman of house committee on budget and economic planning and Sam Egube, commissioner for budget and economic planning, were [...]

0 comment Read Full Article
    Lagos assembly passes N1.168trn 2020 budget

Lagos assembly passes N1.168trn 2020 budget

The Lagos state house of assembly has passed the 2020 appropriation bill of N1.168 trillion. Babajide Sanwo-Olu, governor of the state, had presented a budget of N1.168 trillion tagged “Budget of Reawakening” on November 8. The budget was passed on Monday, following the report by the joint committee of the house on appropriation and finance, and the house committee on budget and [...]

0 comment Read Full Article
    ‘Initially, it looked impossible’ — Lawan speaks on Jan-Dec budget cycle

‘Initially, it looked impossible’ — Lawan speaks on Jan-Dec budget cycle

Senate President Ahmad Lawan says initially, the January-December budget cycle looked impossible. He said this while speaking with reporters after President Muhammadu Buhari signed the 2020 appropriation bill into law. The senate president expressed optimism that the government would get the needed revenue to fund the budget. "I take this opportunity to thank distinguished members of the National Assembly who committed and engaged [...]

0 comment Read Full Article
Advertisement
Advertisement
Advertisement

Advertisement
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement