Tuesday, December 12, 2017

Tag "budget"

    35 states get N28bn loan to pay salaries — minus Lagos

35 states get N28bn loan to pay salaries — minus Lagos

The federal government has given approval for the release of N28 billion as budget loan for 35 states, excluding Lagos which does not need it.Udoma Udoma, minister of budget and national planning made this known to reporters at the end of the national economic council (NEC) meeting chaired by Vice-President Yemi Osinbajo.According to him, each state will receive N800 million to [...]

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    2018 Budgetary spending ‘NOT N8.6trn but around N10trn’

2018 Budgetary spending ‘NOT N8.6trn but around N10trn’

Jide Akintunde, managing editor and chief executive officer of Financial Nigeria Magazine, says the 2018 budget presented to a joint session of the national assembly by President Muhammadu Buhari, is “worse than nonsense.”Speaking in an interview with Osasu Igbinedion on the Osasu Show, Akintunde said the budget is grossly unrealistic, adding that it will only increase the debt bucket of [...]

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    Buhari writes national assembly, to present Budget 2018 Tuesday

Buhari writes national assembly, to present Budget 2018 Tuesday

President Muhammadu Buhari has written a letter to the national assembly, seeking to present the estimates of the 2018 budget.Yakubu Dogara, speaker of the house of representatives, read the letter at plenary on Thursday.Buhari requested to present the budget to a joint session of the national assembly at 2pm on Tuesday.Udoma Udo Udoma, minister of budget and national planning, had [...]

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    Budget 2018 being finalised, says presidency as FEC meeting is moved to Thurs

Budget 2018 being finalised, says presidency as FEC meeting is moved to Thurs

The presidency has postponed this week's federal executive council (FEC) meeting to Thursday.The meeting usually holds on Wednesday.Garba Shehu, spokesman of President Muhammadu Buhari, announced the postponement in a tweet. He said the only agenda of the meeting is the 2018 budget.“Federal executive council (FEC) meeting will hold tomorrow, Thursday October 26. Agenda is #Budget2018, which is currently being finalized," the [...]

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    How FG plans to fund N3.52trn deficit in 2018 budget

How FG plans to fund N3.52trn deficit in 2018 budget

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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    Adeosun: 2017 budget to be rolled over into 2018

Adeosun: 2017 budget to be rolled over into 2018

Kemi Adeosun, minister of finance, has revealed the federal government’s plan to roll over at least 60 percent of 2017 capital projects to 2018 budget proposal.Adeosun made this known when she appeared before the senate joint committees on finance and appropriations.She was accompanied by Udoma Udoma, minister for budget and national planning, to give an explanation on releases so far [...]

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    EXTRA: Aso Rock clinic DOES NOT have paracetamol or cotton wool

EXTRA: Aso Rock clinic DOES NOT have paracetamol or cotton wool

This might give you some headache: the clinic for Nigeria's seat of power does not have the commonest of medications, paracetamol, TheCable has learnt.And cotton wool? The patient has to buy from outside. Syringes? Not available. X-ray? Sorry, the machine is out of order. Ambulance? Well, if the patient can buy the fuel.This is the sorry story of the State House [...]

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    Osinbajo asks n’assembly to re-allocate N135bn in 2017 budget

Osinbajo asks n’assembly to re-allocate N135bn in 2017 budget

Acting President Yemi Osinbajo has sought the approval of the house of representatives for the virement (re-allocation) of N135 billion in the 2017 budget to some exigent projects.The request of the acting president was contained in a letter to the lower chamber. The letter was also sent to the senate, but it was not read by Senate President Bukola Saraki [...]

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    Adeosun: Nigeria cannot borrow anymore to fund budget

Adeosun: Nigeria cannot borrow anymore to fund budget

Kemi Adeosun, the minister of finance, has warned that the country can no longer afford to keep borrowing to fund its budget.She advised that the government should rely on internally generated revenue to fund the budget while harping on the need to enforce strict adherence to tax payment by citizens.Adeosun said this on Tuesday while speaking at the quarterly business [...]

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    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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Exchange Rates

Dec 11,2017USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS362480428
KANO363480427
PH363478427
ABUJA362479428
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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