Wednesday, March 18, 2020

Tag "2020 budget"

    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 [...]

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    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 [...]

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    ‘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 [...]

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    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 [...]

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    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 [...]

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    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 [...]

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    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 [...]

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    ‘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 [...]

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    Gbaja asks: Are we truly rubber stamp legislators?

Gbaja asks: Are we truly rubber stamp legislators?

Femi Gbajabiamila, speaker of the house of representatives, says the federal lawmakers will continue to do their work as required despite claims that they are not properly checking the executive. Addressing state house correspondents after President Muhammadu Buhari signed the 2020 budget into law on Tuesday, Gbajabiamila said Nigerians will be the ultimate beneficiaries of a harmonious relationship between the executive [...]

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    IN DETAIL: 2020 budget — fastest since 1999

IN DETAIL: 2020 budget — fastest since 1999

The house of representatives has passed the 2020 appropriation bill of N10.59 trillion. The lower legislative chamber passed the budget at Thursday’s plenary session after considering the report of its committee on appropriations presented by Muktar Betara, the chairman. The senate earlier approved the same estimates for the 2020 fiscal year, making this appropriation bill the fastest to be passed since 1999. [...]

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    Senate passes N10.59trn 2020 budget

Senate passes N10.59trn 2020 budget

The senate has passed the 2020 appropriation bill. The bill was passed after Barau Jibrin, chairman of the appropriations committee, moved a motion for its passage. The figure passed as the total expenditure for 2020 by the upper legislative chamber is higher than what President Muhammadu Buhari proposed by N260 billion. The increase puts the total sum of the government's expenditure at N10.59 [...]

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    Reps panel increases 2020 budget by N260bn

Reps panel increases 2020 budget by N260bn

The house of representatives committee on appropriations has recommended an increase in the 2020 budget by N260 billion. The committee’s recommendations were contained in its report presented at Wednesday’s plenary session by Muktar Betara, its chairman, thereby increasing the size of the appropriation bill from its initial N10.33 trillion to N10.59 trillion. On October 8, President Muhammadu Buhari presented a budget proposal of [...]

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    Finally, senate receives 2020 budget report

Finally, senate receives 2020 budget report

A report on the 2020 appropriation bill has been laid in the upper legislative chamber. The report was laid after Jibrin Barau, chairman of the senate appropriations committee, moved a motion to that effect on Wednesday. Senate President Ahmad Lawan said copies of the bill will be made available to the lawmakers before it is finally passed. The budget report was scheduled to [...]

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    El-Rufai signs N259bn budget for 2020 into law

El-Rufai signs N259bn budget for 2020 into law

Nasir el Rufai, governor of Kaduna state, has signed the state’s 2020 budget of N259.25 billion into law. Hadiza Balarabe, deputy governor of the state, had submitted the draft budget of N257.9 billion to the state assembly on October 15 but it was later increased to N259.25 billion. El-Rufai said N184.1bn (71%) was earmarked for capital expenditure while N75.14 billion is for recurrent expenditure. Capital [...]

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    Senate postpones passage of 2020 budget till December

Senate postpones passage of 2020 budget till December

The senate has postponed the passage of the 2020 budget by a week. Senate President Ahmad Lawan announced at Tuesday’s plenary session that the budget will now be passed in the first week of December. The senate earlier said the appropriation bill will be passed on Thursday, November 28. But at the plenary session, Jibrin Barau, chairman of the senate committee on appropriations, [...]

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    FG to remove tax exemption on oil companies’ dividends

FG to remove tax exemption on oil companies’ dividends

Dividends paid from the profits of oil companies will no longer be tax-exempt if the finance bill submitted by President Muhammadu Buhari is passed by the national assembly. This was contained in a statement released by Yunusa Abdullahi, special adviser on media and communication to Zainab Ahmed, the minister of finance, budget and national planning, on Tuesday. "This bill seeks to improve [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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