Thursday, December 2

Tag: budget

FG will replace fuel subsidy with N5,000 transport grant for 40m poor Nigerians – Zainab Ahmed
News

FG will replace fuel subsidy with N5,000 transport grant for 40m poor Nigerians – Zainab Ahmed

Zainab Ahmed, minister of finance, budget and national planning, has said that the FG will remove fuel subsidies by 2022 and replace them with N5000 monthly transportation grant to the poorest Nigerians. Speaking Tuesday, Nov. 23, at the launch of the World Bank Nigeria Development Update (NDU), she said the grant will go to about 30 to 40 million Nigerians who are the poorest in the country. She added that the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy. "The subsidies regime in the [oil] sector remains unsustainable and economically disingenuous," she said. "Ahead of the target date of mid-2022 for the complete elimination of fuel subsidies, we are working with our partners on measures to cushion potential neg...
Barcelona urging Sterling to accept cut on Man City wages
Sport

Barcelona urging Sterling to accept cut on Man City wages

Manchester City attacker Raheem Sterling must agree to a dramatic pay-cut if he's to join Barcelona in January. Sport says Sterling has welcomed interest from Barca, which are keen to take the England international on-loan over the New Year. Sterling is currently on €18m-a-year and would expect to join Barca with the two clubs splitting his wages 50-50. However, if Barca were to take on his €9m demands, it would leave no room in the wage budget to make further additions in January. As such, Barca are pushing Sterling to accept a cut on his wages to join them. It's been suggested the drop in earnings would be covered by bonuses included in a proposed permanent deal at season end.  
AC Milan move for Lille midfielder Sanches as Arsenal bid emerges
Sport

AC Milan move for Lille midfielder Sanches as Arsenal bid emerges

AC Milan are ready to move for Lille midfielder Renato Sanches in January. The Portugal international is available from the French champions after coming close to leaving last summer. La Gazzetta dello Sport says Arsenal made a €35m offer for Sanches towards the end of last season, but the deal fell through after the midfielder was injured during the Euros. Milan are now making a move with Sanches returning to action. The midfielder is aware of Milan's interest and has let it be known he's open to a move. Sanches' €5.5m salary demands also falls within Milan's budget.  
FG considering out-of-court settlement on VAT tussle – Finance Minister, Zainab Ahmed
News

FG considering out-of-court settlement on VAT tussle – Finance Minister, Zainab Ahmed

Minister of finance, budget and national planning, Zainab Ahmed has revealed that the federal government is considering political paths to resolve the ongoing value-added tax (VAT) tussle. Zainab revealed this during an interview on Channels Television. The Minister who noted that there will be a positive political solution, added that she hopes the issue can be solved by sitting on the table, and not on the pages of newspapers or through disagreements. She said; “I have to do this carefully because they are issues in court, and I am not supposed to be talking about issues in court. “But, I do hope that this problem can be solved by sitting on the table, not on the pages of newspapers, not disagreements in court because it is possible to solve it on the table. “There’s a lot...
Reps tells Army to issue certificates to 15 dismissed NDA cadets
News

Reps tells Army to issue certificates to 15 dismissed NDA cadets

The Nigerian army has been asked by the House of Representatives Committee on Defence, to issue certificates to 15 cadets of the Nigerian Defense Academy, Afaka, Kaduna State, who were dismissed for alleged infractions. The appeal was made on Wednesday November 10, by Chairman of the House Committee on Defence, Babajimi Benson (APC, Lagos) when the Nigerian Defence Academy appeared for the defence of its 2022 budget. Benson said the certificates will help them pursue other endeavours outside the military. He said; “The cadets were dismissed based on infractions; we’re appealing that they should be given their certificates so that they can pursue other endeavours outside the military. “Withdrawing their certificates in its entirety makes them vulnerable." The 15 dismissed cad...
Number of IDPs increased in past year by one million – Refugee commission
News

Number of IDPs increased in past year by one million – Refugee commission

The National Commission for Refugees, Migrants and Internally Displaced Persons (NCFRMI) has said that the internally displaced persons in the country increased by one million in the past one year due to humanitarian crisis. The disclosure was made on Monday November 8, when Imaan Sulaiman-Ibrahim, the federal commissioner for the NCFRMI appeared before the house of representatives committee on internally displaced persons (IDPs). Sulaiman-Ibrahim also revealed that over 500,000 Nigerians are to be repatriated from neighbouring countries. She said; “Due to the current unprecedented humanitarian crisis in Nigeria and the alarming growth rate of displacement, the number of IDPs has increased in the past one year by about one million, causing the number of displaced persons in Nig...
Senate Committee walks out Trade Ministry officials over missing N177 million
News

Senate Committee walks out Trade Ministry officials over missing N177 million

The Ministry of Trade and Industry on Monday could not account for the sum of N177 million being revenue generated by its department of Weighs and Measures, a critical revenue generation of the agency. The officials who represented the Minister at the 2022 budget Defence at the Senate Committee on Trade and Industry stage managed a document they couldn’t explain on the budget performance for 2021 before seeking approval for 2022. The failure to explain how the sum of N177 million angered the Committee, wondering what would have happened to the fund between January and September despite the 2021 budget approval for capital and recurrent for the agency. The Senate Committee on Trade & Investment on Monday walked out representatives of the Ministry for presenting an “unreadable d...
‘FG Budgets N1,000 Daily Feeding Allowance For Prisoners While Corpers Get N650’
News

‘FG Budgets N1,000 Daily Feeding Allowance For Prisoners While Corpers Get N650’

According to a report by The PUNCH, the National Youth Service Corps has lamented that inmates in the facilities of the Nigerian Correctional Service feed better than corps members. The Director-General of the NYSC, Brigadier General Shuaibu Ibrahim, who stated this when he appeared before the House Committee on Youth Development for budget defence on Wednesday, said corps members were served a meal worth N217, He, therefore, urged the House of Representatives to raise the allocation for feeding in the scheme’s budget for 2022. The Senate Committee on Interior had on October 27, 2021, increased the daily feeding allowance of the Nigerian Correctional Service from its current N450 per person to a minimum of N1,000 per day. Officials of the NCS were in the Senate to defend the 20...
House of Rep members pass 2022 budget for second reading
Politics

House of Rep members pass 2022 budget for second reading

The 2022 budget of N16.39 trillion was on Thursday October 14, passed for second reading in the House of Representatives. It was passed for second reading following the conclusion of debate on the general principles of the budget. This is coming barely 24 hours after the Senate also passed the 2022 Appropriation Bill for second reading after over one hour of debate on its general principles. President Muhammadu Buhari last week, presented an appropriation bill of N16.39 trillion for the total expenditure of the federal government in 2022 to the national assembly.
FG will borrow to fund N6.25trn deficit in 2022 budget – Minister of Finance
News

FG will borrow to fund N6.25trn deficit in 2022 budget – Minister of Finance

The Minister of Finance, Budget, and National Planning, Zainab Ahmed, says the federal government will borrow to finance N6.258 trillion deficit in the 2022 budget. Ahmed made this disclosure while briefing state house correspondents on the details of the 2022 budget proposal. According to Zainab, the Federal government is borrowing to provide developmental projects — roads, rails, bridges, power and water for sustainable development in this country. She said the government would finance the N6.258 trillion deficit by new borrowings of N5.012 trillion (of which domestic — N2.506 trillion and foreign — N2.506 trillion) from project-tied multilateral/bilateral loans — N1.156 trillion and privatization proceeds of N90.73 billion. “If we just depend on the revenues that we get, even...
Bauchi govt conducts hearings on 2022 budget ahead of presentation
News

Bauchi govt conducts hearings on 2022 budget ahead of presentation

As parts of its efforts aimed at preparing all inclusive 2022 budget, the Bauchi State Government has conducted public hearings across the three senatorial zones in the state with a view to getting citizens’ inputs ahead of presentation of the proposed budget before the state House of Assembly for passage. Speaking at the Bauchi South zonal hearing, held at the Zaranda Hotel, Bauchi, on Thursday, the Commissioner for Budget and Economic Planning, Alhaji Aminu Hammayo, informed that was meant to get the input of people at the grassroots before the formulation and consolidation of the budget. According to him, the state government planned to consolidate on the gains of its budget preparation such that the next budget would be demand driven. Hammayo, who was among the newly sworn in ...
No Doctor or Health worker is being Owed Salary. Govt Pays when due – Chris Ngige says
News

No Doctor or Health worker is being Owed Salary. Govt Pays when due – Chris Ngige says

The Minister of Labour and Employment, Chris Ngige, has denied reports that some doctors are being owed their salaries. Ngige disclosed this at the meeting of the presidential committee on salaries, with the leadership of the Joint Health Sector Union (JOHESU) in Abuja on Tuesday, September 7. Ngige said the clarification became necessary to address the position of the members of the National Association of Resident Doctors (NARD), who are currently on strike over alleged salary irregularities. “NARD goes about telling Nigerians that government is owing them salaries, and as well not taking the problems in the health sector seriously. But this is not true. It is incorrect,” he said. No doctor, nurse, pharmacist or any other health worker, including the driver, is owed monthly...
I’m not Paying on a Date – BBNaija’s Erica Nlewedim
Celebs

I’m not Paying on a Date – BBNaija’s Erica Nlewedim

  Big Brother Naija star, Erica Nlewedim has stated that she will never be the one to pay when she is out on a date. The reality show star said this in reaction to a tweet in which a lady revealed that her date asked her what her budget was so he could pick a nice restaurant. Erica who stated that she will be using an "insecticide to chase away any man like that", noted that she won't be paying for a date as she is not a hungry person. See her Instastory post below.............
We’ve Spent N502.3bn on COVID19 intervention – Finance Minister
News

We’ve Spent N502.3bn on COVID19 intervention – Finance Minister

The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has revealed that the Federal government has so far spent N502.3 billion to stabilize the economy after being hit by the rampaging COVID-19 pandemic. The Sun reports that Ahmed made the disclosure while speaking at the national dialogue on COVID-19 economic impact and assessment of national and states’ recovery plans and policy options in Abuja on Tuesday, August 10. According to the Minister, Nigeria was deeply affected by the pandemic because it was recovering from recession before COVID-19 led to an all-time fall of crude oil prices being the economic pillar of the country. According to Ahmed, the key interventions the N502 billion was used for include: the establishment of an N500 billion COVID-19 crisis in...
Senate OKs Dems’ $3.5T budget in latest win for Biden
Politics

Senate OKs Dems’ $3.5T budget in latest win for Biden

Democrats pushed a $3.5 trillion framework for bolstering family services, health, and environment programs through the Senate early Wednesday, advancing President Joe Biden’s expansive vision for reshaping federal priorities just hours after handing him a companion triumph on a hefty infrastructure package. Lawmakers approved Democrats’ budget resolution on a party-line 50-49 vote, a crucial step for a president and party set on training the government’s fiscal might on assisting families, creating jobs and fighting climate change. Higher taxes on the wealthy and corporations would pay for much of it. Passage came despite an avalanche of Republican amendments intended to make their rivals pay a price in next year’s elections for control of Congress. House leaders announced their...
Senate approves President Buhari’s N2.3 trillion loan request
News

Senate approves President Buhari’s N2.3 trillion loan request

President Muhammadu Buhari's request to borrow N2.3 trillion (about $6.183 billion) to fund the deficit in the 2021 Appropriation Act, has been approved by the senate. The approval came after a report by the Committee on Local and Foreign Debts chaired by Senator Clifford Ordia (PDP, Edo) was considered. Presenting the report, Ordia said the request is not new as it was approved in the borrowing plan when the national assembly passed the 2021 budget. He said;   “What we are about to pass is not a new borrowing, it has been approved in the 2021 budget." After the loan was approved, Senate President Ahmad Lawan said the national assembly must make sure that there are no frivolous expenditures by the executive. Lawan said;   “Let me thank the committee, this is...
Barcelona Relieves two players of their jobs
Sport

Barcelona Relieves two players of their jobs

  Barcelona has offered to release Miralem Pjanic and Samuel Umtiti from their contracts, Goal reports. Manager Ronald Koeman has deemed the two as surplus to requirement ahead of the new season. Pjanic, 31, only arrived from Juventus last summer in a deal worth €60 million. However, he started only six of the 13 LaLiga matches in which he featured last season. Umtiti has failed to hold down a starting place since arriving from Lyon five years ago. The Frenchman also limited to just 13 league matches in 2020-21. The Spanish giants will have to pay both players off, given Pjanic has three years left on his contract and Umtiti’s runs for another two seasons. Barca will negotiate with them with the hope of convincing them to accept a compensation package. If they re...
President Buhari Seeks new N2.342tr External loan
News

President Buhari Seeks new N2.342tr External loan

President Buhari has sought the Nigerian senate's approval for a fresh N2.343 trillion external loan to finance the 2021 budget. Senate President, Ahmad Lawan, read a letter from the president seeking approval for the loan during plenary today May 18.
National Assembly Is Broke, Needs Bigger Budget To Be Efficient – Benjamin Kalu
Politics

National Assembly Is Broke, Needs Bigger Budget To Be Efficient – Benjamin Kalu

The House of Representatives has said the National Assembly is underfunded to function efficiently and effectively as a national parliament. The House decried that the paucity of funds has made the working environment not conducive for lawmakers while they have not been able to carry out their legislative activities to the best of their ability. The lamentation came from Chairman of the House Committee on Media and Public Affairs, Benjamin Kalu, at his weekly media conference on Thursday. The National Assembly had a budget of N139.5bn in 2018, N125bn in 2019 and N128bn (N125bn proposed, N3bn added) in 2020. While the sum of N125bn was proposed for the National Assembly in 2021, it along with its affiliates got about N134bn. Kalu was asked if it was true that the House reduc...
Police Funding: Senate Approves ₦1.3 Billion For Teargas, ₦10 Billion For Others
Politics

Police Funding: Senate Approves ₦1.3 Billion For Teargas, ₦10 Billion For Others

The Senate on Wednesday approved N11.3 billion (11,352,457,101.70) as the budget of the Nigeria Police Trust Fund (NPTF) for the 2020 fiscal year. About N1.3 billion (1,362,814,243) of the amount was allocated for the procurement of teargas. About N1 billion was allocated for the procurement of arms and ammunition. The approval was a sequel to the consideration and adoption of the harmonised report of the Senate and House of Representatives Committee on Police Affairs. The Chairman of the Senate Committee on Police Affairs, Haliru Jika, presented the report. Breakdown Of The Budget * Provision of specialised/operational vehicle double cabinet-pick-up van for patrol – N7,600,000,000 * Procurement of arms and ammunitions – N1,000,000,000 * Procurement of personnel protect...
Ahmed Musa’s Proposed Move to West Brom cut off due to club’s Reluctance to Pay his £60,000 weekly salary
Sport

Ahmed Musa’s Proposed Move to West Brom cut off due to club’s Reluctance to Pay his £60,000 weekly salary

Super Eagles captain, Ahmed Musa's proposed transfer to English Premier League club, West Brom has been terminated. Musa, who terminated his lucrative contract with Saudi Arabian Pro League side Al-Nassr last October, passed a fitness test under the supervision of West Brom's sports science and performance team at the training center last week Thursday. The club had earlier planned to sign him on a short term deal but club bosses have now reportedly rejected Musa saying his salary package of £60,000, with the club's board agreeing that the salary was too high for a player with a low resale value The club also pulled the plug on the deal because they have a limited transfer budget. According to reports from England, Musa's agent gave a deadline to West Brom to complete his t...
It will be illegal for SSANU and NASU to go ahead with its proposed strike – Ngige
News

It will be illegal for SSANU and NASU to go ahead with its proposed strike – Ngige

Minister of Labour and Employment, Dr Chris Ngige has described the proposed strike action by the Senior Staff Association of Nigerian Universities and the Non-Academic Staff Union of Universities as illegal.   Ngige who asked the two unions to give the federal government three months to forward a supplementary budget to the National Assembly to cover arrears of the minimum wage that have not been paid to them, said it will be illegal for them to proceed on strike when discussions to sort out some of the contentious issues were still ongoing. The Minister warned that if the negotiation and what has been agreed is not obeyed, then the ministry might have to refer the dispute upwards from the industrial arbitration panel to the national industrial court.   He said; ...
Rep Decries Corruption, Mismanagement Of  Nation’s Resources By Executive
Politics

Rep Decries Corruption, Mismanagement Of Nation’s Resources By Executive

The Federal lawmaker representing Gwer/Gwer West federal constituency, in the House of Representatives, Mr. Mark Gbillah has decried the level of corruption and mismanagement of the nation’s resources by the executive. The lawmaker who spoke Tuesday in Makurdi lamented that the executive presides over the expenditure of over 98 per cent of Nigeria’s annual budget without commensurate developmental projects to show for the huge funds. According to him, “the budget of the National Assembly every fiscal year never exceeds N138billion. In fact, it is usually around N125billion. Now let’s take this year’s budget, for instance, that is about 1.1 percent of the entire budget. The judiciary takes about one percent while the executive sits on about 97 to 98% of the annual budget and yet N...
Budget: We Have Nothing To Hide – President Buhari
Politics

Budget: We Have Nothing To Hide – President Buhari

The President, Major General Muhammadu Buhari (retd.), on Saturday said the nation’s balance sheet is open for the National Assembly and all Nigerians. He said his regime has nothing to hide. According to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke during an interview with journalists in Daura, Katsina State, after the registration and revalidation exercise of the All Progressives Congress. The statement was titled “We have nothing to hide, our books will always be open President Buhari.” Shehu quoted the President as assuring Nigerians of full implementation of the 2021 budget, with all transparency and openness in meeting the targets, while appreciating the National Assembly for the effective and detailed attention ...
Sale of government assets will benefit Nigerians – Finance Minister, Zainab Ahmed says
News

Sale of government assets will benefit Nigerians – Finance Minister, Zainab Ahmed says

The Minister of Finance, Zainab Ahmed, has said that the sale of the Federal government's properties to fund the 2021 budget will benefit Nigerians and help to boost the economy.   Ahmed said this when she appeared on Channels TV on Friday morning January 22.   Recall that on January 12 during the budget presentation, Ahmed revealed that the Federal government will be selling off some of its assets and use the funds generated to fund the deficit in the 2021 budget.   In her chat with Channels TV, Ahmed said a lot of government assets are currently moribund and provide little or no value to Nigerians in their current state.   “There are some government assets that are dead that can be sold to the private sector to be reactivated and put to use for t...
We Borrow To Finance Budget Because Of Dwindling Revenues – Buhari
Politics

We Borrow To Finance Budget Because Of Dwindling Revenues – Buhari

President Muhammadu Buhari has explained that his administration has been borrowing money to finance the economy and development as a result of dwindling revenues. Speaking, virtually, on Thursday at the First National Tax Dialogue held at the Conference Hall of the State House in Abuja, President Buhari, however, tasked the Federal Inland Revenue Services (FIRS) and other relevant government agencies to explore all standard practices to boost revenue. According to him, the FIRS must ensure to plug all revenue leakages by ensuring strict compliance of tax payments by foreign companies operating in Nigeria, urging the deployment of more digital platforms and seamless connections. He noted that the tax dialogue became imperative for the administration at the moment because of th...
Buhari, Osinbajo To Spend ₦3.4 Billion On Feeding, Travels in 2021
Politics

Buhari, Osinbajo To Spend ₦3.4 Billion On Feeding, Travels in 2021

President Muhammadu Buhari and Vice President Yemi Osinbajo will spend N3.4 billion on feeding and travel expenses. While Mr Buhari approved about N2.6 billion of the amount for his office, about N873 million was earmarked for Mr Osinbajo’s office. As in the last five years, travel expenses will take the largest chunk of these expenses, details of the approved budget for the year reviewed by PREMIUM TIMES show. The same amount was approved for the offices of the first two citizens of the country in 2020. Both offices received less but still significantly high allocations in the four preceding years. Travels and feeding gulped N1.5 billion in 2019; N1.52 billion in 2018; in 2017, N1.45 billion; and N1.43 billion in 2016. Presidential travels will gulp N2.4 billion: N775.6...
Tokyo Olympic Games Already The Most Over Budget Games In Recent History
Sport

Tokyo Olympic Games Already The Most Over Budget Games In Recent History

Due to the COVID-19 pandemic, the Tokyo Olympic Games 2020 was postponed to 2021 which will end up costing the country of Japan even more than the significant amount already needed to host any Olympic Games. According to data presented by Safe Betting Sites, the Tokyo Olympic Games in 2021 is already the most over-budget Games for absolute dollar values at around $7.2B over budget. Before the 2021 Tokyo Olympics, the 1992 Barcelona Games claimed the unwanted honour of being the most over-budget games as the final bill came to $7B – a staggering 266% over the initial budget of $2.6B. London 2012 is the most expensive running of the Olympic Games in history with a final bill of just under $15B, despite already having an initial budget of close to $9B. COVID-19 Pandemic Postpone...
Works, Finance Ministries Inflated Our Budget By N11bn, FERMA Boss Tells Reps
Politics

Works, Finance Ministries Inflated Our Budget By N11bn, FERMA Boss Tells Reps

The Managing Director of the Federal Roads Maintenance Agency FERMA, Mr. Nurudeen Rafindadi on Thursday shocked members of the House of Representatives Committee on FERMA, headed by Rep. Richard Femi Bamise (APC Ekiti) that the Ministries of Finance and Works and Housing inflated their 2021 budget by over N11 billion. A member of the committee, Yusuf Gadgi had asked the FERMA boss why their budget had a sudden increase of over N11 billion. He said: “Earlier to this moment, we’re privileged to know your budget proposal to the ministry which before getting to National Assembly the proposal changed from twenty something billion, to thirty something billion. ” I will respectfully want you to address that aspect. Are you in charge of FERMA, how come before the proposal got to Natio...
2021 Budget Is Unrealistic – Abaribe
Politics

2021 Budget Is Unrealistic – Abaribe

Enyinnaya Abaribe, minority leader of the senate, says the 2021 budget of N13.08 trillion presented to a joint session of the national assembly by President Muhammadu Buhari is unrealistic. Speaking on Tuesday during a debate on 2021 budget estimates, Abaribe faulted the assumptions the appropriation bill was premised on. The budget is based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel. Capital expenditure in the budget is estimated at N2.083 trillion which represents 29 percent of the total budget. It targets three percent GDP growth and 11.95 percent inflation rate. However, the minority leader said the budget is “nothing but old news.” “This budget is nothin...
N11.5bn School Chairs Contracts Smuggled Into NDDC Budget – IMC
Politics

N11.5bn School Chairs Contracts Smuggled Into NDDC Budget – IMC

The Interim Management Committee (IMC) of the Niger Delta Development Commission (NDDC) has decried N11.5bn non-essential contracts smuggled into its 2020 budget ostensibly by members of the National Assembly. The Acting Executive Director, Dr. Cairo Ojuogboh, said the contracts were for supply of desks and chairs to schools in the Niger Delta region. A statement by the NDDC Corporate Affairs Director, Charles Odili, quoted Ojuogboh as saying henceforth the commission would only give priority to projects that would impact meaningfully on the region. He insisted the commission would no longer yield to requests of including such projects in its budget to satisfy selfish considerations. According to him: “This year alone, they put N11.5billion in the budget for the supply of ...
N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns
Politics

N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns

With the deficit financing of the revised N10.509 trillion 2020 budget rising from N1.847 trillion to N4.563 trillion, the economy might be heading for another recession, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has warned. She expressed the fear yesterday in Abuja during a session with the Senate Committee on Finance where heads of revenue-generating agencies made presentations on the revised 2020-2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP). The minister noted that projected revenues from the agencies had been drastically slashed. According to her, 77 per cent of the new financial expectations from sources like the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS) and the...
EU Tells UK Post-Brexit Deal Vital During COVID-19 Crisis
News

EU Tells UK Post-Brexit Deal Vital During COVID-19 Crisis

EU and UK negotiators will enter a fourth and last scheduled round of talks this week that could determine if a comprehensive new agreement is struck by the year-end deadline. Britain formally left the other 27 EU nations in January but still largely operates as if it were a member of the bloc. It also continues making contributions to the EU budget — a reality that particularly upsets Brexit supporters. British Prime Minister Boris Johnson has vowed not to extend the talks past the current deadline — something he must do by the end of June — and the prospects of a broad new deal look bleak. Chief EU negotiator Michel Barnier told The Sunday Times that London and Brussels could afford to make the economic situation even worse by breaking off their nearly 50-year partnership wit...
COVID-19: Lagos Reduces Budget By 21%
Politics

COVID-19: Lagos Reduces Budget By 21%

The Lagos State Executive Council has approved review of the state’s 2020 Budget by 21 per cent. The state Commissioner for Economic Planning and Budget, Mr Sam Egube, made this known at a press briefing on Thursday in Lagos. Egube said that this was to help mitigate the economic and social headwind precipitated by the novel Coronavirus (COVID-19) pandemic on the state. He said that the budget would be reduced to N920.5 billion against N1,168.6 trillion, hitherto approved by the State House of Assembly. The News Agency of Nigeria (NAN) recalls that the Lagos Assembly passed N1.169 trillion as the 2020 Appropriation Bill for the state. The approved budget contained N457 billion recurrent expenditure and capital of N711 billion, showing a strong preference for capital proj...
Alleged N40B NDDC fraud: We’ll sue NASS over failure to probe IMC — Group
News

Alleged N40B NDDC fraud: We’ll sue NASS over failure to probe IMC — Group

NIGER Delta Rights Advocates, NDRA, has warned the National Assembly to “totally reject” the virement request by the Interim Management Committee, IMC of Niger Delta Development Commission, NDDC, to justify bloated expenditure of  the last three months. NDRA in a statement, yesterday,  in Port Harcourt, Rivers State, by its Spokesman, Darlington Nwauju, said the region’s right group would sue the NASS if it fails to comprehensively probe the allegations of financial recklessness hovering over the current IMC. He said, “We are alarmed at attempt by the Prof Keme Pondei led IMC to compromise the inquisitions by both chambers of the NASS into liquidation of over N40billion in record three months. Assuming without conceding that such a request is considered important, why now? “The cu...
Federal Executive Council Approves Revised 2020 Budget
News

Federal Executive Council Approves Revised 2020 Budget

The revised Medium Term Expenditure Framework and the 2020 budget has been approved by the Federal Executive Council. The revised budget is based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day. Recall that the Minister of Finance, Zainab Ahmed said that the revision will be based on declining international oil prices and the impact of the Coronavirus pandemic. She had also hinted that the federal government will drop the oil benchmark from the initial $57 per barrel to $30.
Diri presents 2020 Appropriation Bill to Bayelsa Assembly
News

Diri presents 2020 Appropriation Bill to Bayelsa Assembly

Bayelsa State Governor, Sen. Douye Diri, on Tuesday, presented an Appropriation Bill of N242.28 billion for the 2020 fiscal year to the Bayelsa House of Assembly. Presenting his maiden budget estimate christened: ‘Consolidation for Prosperity 2020’, Diri said the Appropriation Bill defined the structure of the economic activities to be undertaken in the fiscal year. In a statement by his acting Chief Press Secretary, Mr Daniel Alabrah, the governor explained that the policy thrust of his administration in the next four years remained consolidating on the gains already made by the previous government. He said his administration would embark on special programmes and projects aimed at wealth creation. Diri added that his administration would encourage the people to participate in...
EU science chief resigns over virus response
News

EU science chief resigns over virus response

  The head of the European Research Council has resigned, the EU confirmed on Wednesday, reportedly in protest at the bloc’s handling of its coronavirus response. Mauro Ferrari, who only took over as president of the ERC in January, told the Financial Times he was “extremely disappointed” by the EU’s response to the pandemic, which has hit Italy and Spain particularly hard. A spokesman for the Europan Commission, the bloc’s executive that oversees the ERC, confirmed Ferrari had resigned with immediate effect on Tuesday. “The Commission regrets the resignation of Professor Ferrari at this early stage in his mandate, and at these times of unprecedented crisis in which the role of EU research is key,” the spokesman said in a statement. In a statement to the Financial T...
FG seeks $3.5bn from IMF, AfDB to support implementation of 2020 budget
News

FG seeks $3.5bn from IMF, AfDB to support implementation of 2020 budget

The Federal Government says it has applied for $3.5 billion request from International Monetary Fund (IMF) and African Development Bank (AfDB) to access concessional funding to support the implementation of the 2020 Budget. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed this during a news conference on fiscal stimulus measures in response to COVID-19 pandemic and oil prices fiscal shock in Abuja on Monday. Ahmed explained that the government applied for $2.5 billion from IMF on behalf of the states and Federal Government. She added that the Federal Government had sought $1.5 billion, while one billion dollars would go to the states from the IMF request. According to her, the sum of one billion dollars is also being expected from AfDB. Ahmed...
Coronavirus: FG to Cut N1.5trn From 2020 Budget
News

Coronavirus: FG to Cut N1.5trn From 2020 Budget

The federal government will be cutting N1.5trn from the N10.59trn 2020 Appropriation Act as confirmed by the Minister of Finance, Budget and National Planning, Zainab Ahmed. Zainab who disclosed this after the federal cabinet meeting yesterday March 18, said the cut from capital expenditure stood at 20 %; while recurrent expenditure would incur 25%. She said; “We’ve written every ministry and given them guidelines on how these adjustments will be made to enable us have detailed inputs from the ministries. “But I can just say that the bulk cut is about N1.5trn, the reduction in the size of the budget. And this includes N457bn from PMS under-recovery.” Asides revealing that they will place an embargo on recruitment exercise and replacement, Zainab further disclosed that go...
Nigeria suspends $22.7bn loan plan
News

Nigeria suspends $22.7bn loan plan

The Minister of Finance, Budget and National Planning, Zainab Ahmed has announced that the federal government has suspended its $22.7bn external borrowing plan which drew controversy weeks ago.   Zainab who made the announcement at the 2020 International Conference on the Nigerian Commodities Market organized by the Securities and Exchange Commission (SEC) in Abuja on Monday March 16, said the current realities in the global economic landscape influenced the decision.   The Minister disclosed that the federal government will continue to focus its efforts on its plan to diversify the country’s economy and also watch the market till the time is right for the loan.   She said;   “The current market indices do not support any external borrowings at...
Kano Government Cannot ban Street Begging, they are just Trying to Appease heir Masters Abroad – Council of Ulamas Slam Governor Ganduje
News

Kano Government Cannot ban Street Begging, they are just Trying to Appease heir Masters Abroad – Council of Ulamas Slam Governor Ganduje

Governor Abdullahi Ganduje has suffered a huge knock from the Council of Ulamas, following his decision to ban street begging in Kano State. Ibrahim Khalil, who is the Chairman of the Council considered to be "guardians, transmitters and interpreters of religious knowledge in Islam, including Islamic doctrine and law”, told newsmen on Wednesday February 26 that the Kano Government is ''not serious about the ban and are only trying to appease their masters abroad.'' Khalil stated that before street begging can be banned, the necessary steps towards curtailing the practice needs to be put in place. He said; “Our opinion is on three to five issues, firstly, if we view the history of banning street begging since the time of Sir Ahmadu Bello, when they were making efforts to ban...
FG Approves New Uniform for Correctional Service
News

FG Approves New Uniform for Correctional Service

The Federal Government has approved a new uniform for the Nigerian Correctional Service (NCoS). NCoS Comptroller General (CG), Mr. Ja’afaru Ahmed who made the announcement at the inauguration of the administrative block of the Correctional Staff School (CSS) in Abuja on Thursday February 13, said the uniform was changed to reflect the agency's new name. Ahmed said approval of the new uniform was part of the new act signed into law by President Muhammadu Buhari in July 2019. He said; “Very soon, you will see us in our new uniform. We have been wearing this uniform for over 100 years and we need to change it to be in tune with the new act. “We are also putting into place measures to ensure the full implementation of the new act but there has not been any budget yet, once t...
Corp Members to now Receive N33,000 as Allowance- NYSC DG Ibrahim Shuaibu
News

Corp Members to now Receive N33,000 as Allowance- NYSC DG Ibrahim Shuaibu

Shuaibu Ibrahim the director-general of the National Youth Service Corps (NYSC) says the monthly allowance of corp members has been increased to N33,000. The NYSC boss gave the cheering news during a working visit to the NYSC secretariat in Bauchi. According to a statement released on the scheme's official Facebook page, Ibrahim said the increase is in line with the new minimum wage approved by the federal government. He said provisions for the new allowance have been made in the 2020 budget and payment would commence as soon as funds are released by the appropriate authorities. President Buhari in April 2019 signed the new minimum wage bill into law.
UI Students Union Approves 1.9 Million Naira As Budget For 2020
Education

UI Students Union Approves 1.9 Million Naira As Budget For 2020

RESOLUTIONS OF THE 8TH ASSEMBLY OF THE STUDENTS' REPRESENTATIVE COUNCIL SITTING ON THE 25TH OF JANUARY, 2020. ✔The sitting started at exactly 9:40 am. ✔Opening prayer was led by the speaker. ✔Minutes of the last sitting was adopted. ✔Notifications were taken. ✔The Ethics committee gave their reports to the house and the council strongly recommended the following to the executive committee: - Based on some criteria as presented by the ethics committee, certain individuals should not be included in the membership of the SUCC. - A workshop should be organised for the members of the SUCC. ✔The president briefed the council on the SUCC and other matters arising including the SU event centre and issues regarding sales of accommodation forms. ✔The following was approved...
We’ll position universities to produce quality graduates – Buhari
Education

We’ll position universities to produce quality graduates – Buhari

President Muhammadu Buhari said on Thursday his administration would give more attention to improving personnel and infrastructure of universities to produce quality graduates. He assured that education would, henceforth, be a top priority in the developmental goals of the country. President Buhari stated this when he received the leadership of Academic Staff Union of Universities (ASUU) led by Prof. Biodun Ogunyemi at the State House, Abuja. He expressed the hope that effective and efficient operations of universities would go a long way in improving the economy, especially with a focus on science and technology. The President urged members of ASUU to assist the Federal Government in realising the target of improved education and credible certificates by complying with ongoing...
Bamidele Salam Kicks Against N37 Billion Budget For NASS Renovation
Politics

Bamidele Salam Kicks Against N37 Billion Budget For NASS Renovation

A member of the House of Representatives has kicked against the plan to spend N37 billion for the renovation of the National Assembly complex. Bamidele Salam, a member of the Peoples Democratic Party representing Ede North/Ede South/Egbedore/Ejigbo Federal Constituency, said the National Assembly does “not need a 37 billion Naira renovation of that edifice.” “Apart from the Chambers of the NASS which need some upgrade in the audio and recording system, the entire structure needs no renovation more than our classrooms, hospitals and roads which are mostly in a decrepit condition,” Salam said in a Facebook post on Sunday. “As an advocate of an aggressive microcredit strategy for job creation, I would rather want to see 370,000 small businesses get 100k interest free loan within ...
Outrage Against N37 Billion NASS Renovation Budget Misplaced – Sen Godiya Akwashiki
Politics

Outrage Against N37 Billion NASS Renovation Budget Misplaced – Sen Godiya Akwashiki

The Senate has described as misplaced and unwarranted , the public outcry against the leadership of the National Assembly over the proposed renovation of the nation ’ s parliament complex by the Federal Government at a cost of N 37bn . The acting Chairman , Senate Committee on Media and Public Affairs , Senator Godiya Akwashiki, who stated this in an interview with our correspondent in Abuja, said National Assembly leadership played no role either in the approval , the execution or the cost of the project . Akwashiki explained to our correspondent on Tuesday that the President of the Senate , Ahmad Lawan , and the Speaker of the House of Representatives , Femi Gbajabiamila , did the right thing by informing the President , Major General Muhammadu Buhari (retd . ) , when the building ...
Senate passes 2020 budget of N10.594 trillion
News

Senate passes 2020 budget of N10.594 trillion

Nigerian Senate on Thursday passed the 2020 budget of N10.594 trillion into law. This is against the proposed budget of N10.33 trillion presented to the joint National Assembly by President Muhammadu Buhari in October, 2019. The passage of the budget, however, represents record breaking and a deviation from what was obtained in the 8th National Assembly in which budget were passed almost eight months after it was presented. Chairman, Senate Committee on Appropriation, Senator Barau Jibrin, said the increase of N264 billion into the budget allowed for interventions in critical areas such as national security, road infrastructure mines and steel development, health among others. According to him, statutory transfer stood at N560.5 billion, Recurrent Expenditure at N4.8 billion, Capita...
Only Confirmed NDDC Board Members Will Defend Their Budget – Ahmad Lawan
Politics

Only Confirmed NDDC Board Members Will Defend Their Budget – Ahmad Lawan

PRESIDENT of the Senate, Senator Ahmad Lawan on Thursday reiterated that the Senate will only deal with the board members of the Niger Delta Development Commission, NDDC it screened and confirmed this month. Speaking shortly after the Senate Leader, Senator Yahaya Abdullahi, All Progressives Congress, APC, Kebbi North read the Executive Communication on the 2019 and 2020 Budget Estimates of the NDDC that the Senate do consider of President Muhammadu Buhari. President of the Senate who refereed the request to the Senator Peter Nwaoboshi, Peoples Democratic Party, PDP, Delta North led Committee on Niger Delta Affairs to return back at Plenary in two weeks. Lawan said, ” I want to reiterate for emphasis that you deal with the Governing Board that this Senate approved.” Recall ...

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