Tuesday, June 27, 2017

Tag "budget"

    Court never said you had power to increase budget, Falana tells lawmakers

Court never said you had power to increase budget, Falana tells lawmakers

Femi Falana, human rights lawyer, says a federal high court never ruled that the national assembly had power to increase estimates of the appropriation act.He was reacting to a claim by the house of representatives that “the federal high court has ruled that the national assembly has the power to increase or review upward the budget estimates laid before it [...]

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    Reps: Executive budgeted N12bn for 2nd Niger bridge in 2016 but a kobo wasn’t spent on it

Reps: Executive budgeted N12bn for 2nd Niger bridge in 2016 but a kobo wasn’t spent on it

The house of representatives says the executive budgeted N12 billion for the 2nd Niger bridge project in 2016, but that a kobo was not spent on it.The house described as blackmail the statement of Babatunde Fashola, minister of works, power and housing, that the national assembly “imported” projects into the 2017 budget.The senate had earlier flayed the minister for his statement, [...]

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    EXCLUSIVE: Some 2017 budget provisions violate the constitution, says Fashola

EXCLUSIVE: Some 2017 budget provisions violate the constitution, says Fashola

Babatunde Fashola, minster of power, works and housing, says there are aspects of the 2017 appropriation act that violate the constitution, suggesting that the judiciary may have to explain how far lawmakers can go in altering the budget.Acting President Yemi Osinbajo had questioned the extent of changes made to the 2017 appropriation bill by the federal lawmakers, who replied that [...]

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    Despite protests, national assembly to gulp N125bn

Despite protests, national assembly to gulp N125bn

Despite protests and calls for the reduction of the humongous national assembly budget, the legislature has had its way.On May 11, the national assembly passed the 2017 budget of N7.44trn, allocating N125bn to itself.The amount is larger than that of 2016 which was N115bn. Nigerians peeved by the action asked the legislature to thin its budget in view of the [...]

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    Finally, Osinbajo signs 2017 budget

Finally, Osinbajo signs 2017 budget

At exactly 4:40pm on Monday, Acting President Yemi Osinbajo signed the 2017 budget into law.Senate President Bukola Saraki; Yakubu Dogara, speaker of the house of representatives; Udoma Udoma, minister of budget and national planning; Lai Mohammed, minister of information; Abba Kyari, chief of staff to President Muhammadu Buhari and Kemi Adeosun, minister of finance, witnessed the signing of the appropriation bill.The budget [...]

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    Buhari gives Osinbajo go-ahead to sign budget

Buhari gives Osinbajo go-ahead to sign budget

President Muhammadu Buhari has given Acting President Yemi Osinbajo the go-ahead to sign the 2017 appropriation bill into law.According to a statement issued by Garba Shehu, presidential spokesman, on Monday, the president indicated that it was in the interest of the country that his deputy sign the budget.“Following the receipt of a full brief on the 2017 appropriation bill as [...]

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    Presidency has no plans to reject 2017 budget, says Enang

Presidency has no plans to reject 2017 budget, says Enang

Ita Enang, senior special assistant to the president on national assembly matters (senate), says the presidency has no plan to reject the 2017 budget.Enang made this known in a statement he issued on Saturday in Abuja.He said the presidency was working within the constitutional time-frame required to process details of the budget.“There is no such plan by it to reject [...]

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    Budget signing cancelled last minute

Budget signing cancelled last minute

Acting President Yemi Osinbajo will no longer sign the 2017 budget by 9am on Thursday, TheCable can report.A source had told TheCable that the budget was due to be signed on Thursday and that the presiding officers of the national assembly had been invited to witness the exercise.But the presidency made a last-minute cancellation of the exercise.TheCable learnt earlier on [...]

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    BudgIT, EiE: National assembly budget should be cut by N73bn

BudgIT, EiE: National assembly budget should be cut by N73bn

BudgIT and EiENigeria, civic organisations, say Nigerians want the budget of the national assembly reduced by N73 billion from N125bn to N52bn per annum.In the 2017 national budget passed a few weeks ago, the legislature earmarked N125bn for itself.Nigerians have criticised the action of the national assembly, particularly regarding monetary allocation to some items of little importance.On May 20, the [...]

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    CBN: About N4trn from 2016 budget yet to be implemented

CBN: About N4trn from 2016 budget yet to be implemented

Moses Tule, director of monetary policy at the Central Bank of Nigeria (CBN), says about N4 trillion from 2016 budget is yet to be implemented and will be implemented within now and July.Speaking in an interview with Arise TV, Tule said about N12 trillion to N13 trillion will be spent by government in 2017, and this will by all means [...]

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    Our next focus is to ensure legislators reduce allowances, say BudgIT, EiE

Our next focus is to ensure legislators reduce allowances, say BudgIT, EiE

BudgIT and Enough is Enough – two organisations that mounted pressure on the national assembly to release its budget details – say they will now work to ensure that lawmakers reduce their allowances and salaries.The national assembly released a breakdown of its budget last Thursday, ending the eight-year non-disclosure of the legislature budget.In a statement issued on Sunday, the civic [...]

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    APC: Saraki, Dogara broke tradition of secrecy in national assembly

APC: Saraki, Dogara broke tradition of secrecy in national assembly

The All Progressives Congress (APC) has commended Senate President Bukola Saraki and Yakubu Dogara, speaker of the house of representatives, for disclosing the budget details of the national assembly.The budget of the legislature had been a guarded secret until Thursday when a breakdown of the 2017 national assembly budget was released.In a statement issued on Friday, Bolaji Abdullahi, APC spokesman, [...]

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    Second Abuja airport runway in 2017 budget, says senate leader

Second Abuja airport runway in 2017 budget, says senate leader

Ahmed Lawan, senate leader, has disclosed that the national assembly earmarked funds for the construction of a second Abuja airport runway in the 2017 budget.Lawan told state house correspondents on Friday that the project and some other projects were covered from the difference in the $42.5 oil bench mark proposed by the executive and the $44.5 passed by the legislature.He [...]

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    N’assembly earmarks N6.4bn for cars after splashing billions on them in 2016

N’assembly earmarks N6.4bn for cars after splashing billions on them in 2016

The national assembly on Thursday disclosed the details of its 2017 budget. This was after eight years of keeping it a guarded secret.The total budget for the legislature this year is N125bn. This is N10bn higher than that of last year – of which details were not disclosed.While the senate will splash N2.6bn on automobiles, the house will do the [...]

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    Finally, national assembly releases details of its budget

Finally, national assembly releases details of its budget

The national assembly has released details of its budget for 2017, which totals N125 billion.The budget is N10 billion above the amount proposed by President Muhammadu Buhari in December.According to the breakdown of the budget, the management of the national assembly has N6.7 billion for personnel cost, N6.2 billion for overhead costs and N2 billion for capital.The total money voted to [...]

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    National assembly passes N7.441 trn 2017 budget

National assembly passes N7.441 trn 2017 budget

The national assembly has passed the 2017 budget with a total estimate of N7.441 trillion.The appropriation committees of both chambers of the assembly presented the reports of the budget for consideration and the bill was passed on Thursday.The budget process was largely delayed owing to the failure of committees to turn in their report to the appropriation committees after ministries, [...]

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Exchange Rates

June 27, 2017USDGBPEUR
INTERBANK324.50413. 31363.50
LAGOS369465407
KANO367464410
PH370465412
ABUJA366465407
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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