Saturday, May 15

Tag: Zainab Ahmed

FG Admits Revenues Crashing, Says Nigeria Faces Hard Times
Politics

FG Admits Revenues Crashing, Says Nigeria Faces Hard Times

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Monday admitted that Nigeria’s economy was facing a difficult time, saying states must improve their internally generated revenues. Ahmed, who stated this in an interview on a daily breakfast show on the Nigerian Television Authority, Good Morning Nigeria, stated that the money shared at the March Federation Account Allocation Committee was short of N50bn. The minister was speaking on a controversy generated by a claim by the Edo State Governor, Godwin Obaseki, that the Central Bank of Nigeria printed N60bn in March to augment the money shared at March FAAC. But the minister and the CBN Governor last week dismissed Obaseki’s claim. In the interview on the NTA on Monday, the finance minister stated the cou...
Money Printing Scandal: PDP asks Buhari to sack finance minister, Zainab Ahmed
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Money Printing Scandal: PDP asks Buhari to sack finance minister, Zainab Ahmed

The People's Democratic Party has asked President Muhammadu Buhari to sack Minister of Finance, Zainab Ahmed for “attempting to mislead Nigerians” over allegations of the federal government printing N50-60 billion to support states’ allocations in March. Recall that while Zainab Ahmed denied claims of the federal government printing money for states to share,  Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele said "there's no need for all the controversy around money printing as the concept of printing of money is about lending money." However in a statement released on Friday April 16 by PDP's spokesperson Kola Ologbondiyan, the opposition party said "the admission by CBN Governor, Godwin Emefiele, that the apex bank has been printing money at the bidding of governme...
“Don’t Play The Ostrich” – Obaseki Replies Finance Minister, Zainab Ahmed On Printing Of N60 Billion
Politics

“Don’t Play The Ostrich” – Obaseki Replies Finance Minister, Zainab Ahmed On Printing Of N60 Billion

1. While we do not want to join issues with the @FinMinNigeria, we believe it is our duty to offer useful advice for the benefit of our country. 2. The Minister of Finance, Budget and National Planning, @ZShamsuna should rally Nigerians to stem the obvious fiscal slide facing our country. 3. Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further. 4. We believe it is imperative to approach the Nigerian project with all sense of responsibility and commitment and not play to the gallery because ultimately, time shall be the judge of us all. Edo State Governor, Godwin Obaseki
States Face Cash Crunch, Salaries Swallow Revenues, Federal Govt Seeks More Fund
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States Face Cash Crunch, Salaries Swallow Revenues, Federal Govt Seeks More Fund

Two top officials of the Muhammadu Buhari regime on Wednesday indicated that the country urgently needed more funds to run government and provide basic amenities for Nigerians. Although the Minister of Finance, Budget and National Planning, Zainab Ahmed, in an interview with the State House correspondents faulted a claim by the Edo State Governor, Godwin Obaseki, that the Federal Government printed between N50bn and N60bn in March, she said there was a need to improve revenue to run government. On his part, the Accountant-General of the Federation, Ahmed Idris, at the 2021 retreat for members of the technical sub-committee on cash management, stated that there was increasing pressure on government funds. The minister and the accountant-general of the federation said these as inv...
We’re not Aware – CBN reacts to Gov Obaseki’s claim of Printing N60 billion for States
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We’re not Aware – CBN reacts to Gov Obaseki’s claim of Printing N60 billion for States

The Central Bank of Nigeria and the Federal Ministry of Finance, Budget, and National Planning have said they are not aware of the N50-N60 billion Edo state governor, Godwin Obaseki, alleged was printed and disbursed to states to cushion the economic meltdown in the states. Governor Obaseki at a meeting in Edo last week alleged that the Federal government printed  between 50-N60bn to augment what the three tiers of government shared in March. “When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share,” Obaseki had said. This April, we will go to Abuja and share. By the end of this year, our total borrowings is going to be within N15-N16 trillion. Imagine a family that is just borrowing without any means to pay back and nobody...
FG proposes to spend N396bn on COVID19 vaccination – Finance Minister, Zainab Ahmed
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FG proposes to spend N396bn on COVID19 vaccination – Finance Minister, Zainab Ahmed

The Federal Government says it is proposing to spend the sum of N396 billion for the COVID19 vaccination exercise across the country between the years of 2021 and 2022. The Minister of Budget and National Planning, Zainab Ahmed disclosed this after the weekly Federal Executive Council meeting, which was presided over by Vice President Yemi Osinbajo on Wednesday, March 31. Ahmed explained that the figure may significantly reduce as the Federal Government receives more donations of the vaccines from the private sector. She added that the Ministry of Health is working on details of the gap that the Federal Government will be required to fill in the vaccination exercise. She also explains that the size of the proposed supplementary budget agreed by the executive and legislative ar...
Higher Petrol Price Inevitable, FG Can’t Afford Subsidy – Zainab Ahmed
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Higher Petrol Price Inevitable, FG Can’t Afford Subsidy – Zainab Ahmed

Petrol price in Nigeria will go higher from its present N165 if the price of crude keeps going up, Zainab Ahmed, the finance minister has said. Zainab spoke on Monday during her contribution in an interaction arranged by the Presidency Media team and State House reporters. According to the Minister of Finance, Budget and National Planning, the Federal Government will allow the prices of petroleum products to be determined by the market forces in line with the deregulation of the oil sector. “We simply cannot afford the subsidy, we don’t have the money to pay for subsidy”, she said. “We do recognise that there will be some increased hardships on a segment of the society. But we are looking at how to address that,’’ she added. In another report published by Reuters, Ahmed ...
Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC
Politics

Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC

The increasing debt service of Nigeria is an economic threat to the country, the Securities and Exchange Commission declared on Thursday. But this might not stop the Federal Government from borrowing to fund the 2021 budget, as the Minister of Finance, Budget and National Planning, Zainab Ahmed, insisted that government had to borrow. In January, The PUNCH reported that Nigeria spent almost N2tn on debt servicing payments from January to September 2020, based on data obtained from the Debt Management Office. At the 5th Annual Budget Seminar of the Securities and Exchange Commission with the theme, “Financing Nigeria’s budget and infrastructure deficits through the capital market,” the SEC also stated that shocks to commodities were affecting revenue generation. It disclosed...
The Level of Nigeria’s Borrowing is Not Unreasonable And is not High – Finance Minister, Zainab Ahmed
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The Level of Nigeria’s Borrowing is Not Unreasonable And is not High – Finance Minister, Zainab Ahmed

The Minister of Finance, Zainab Ahmed, has said that Nigeria cannot make progress if it doesn't borrow to fund the building of its infrastructure. Ahmed at a media briefing at the statehouse Abuja on Thursday February 25, said this while reacting to criticism regarding high levels of borrowing by this administration. In her words ''The level of borrowing is not unreasonable. It is not high. If we say we will not borrow and therefore we will not build rails and major infrastructure until our revenue rises enough, we will regress as a country. We will be left behind. We wouldn't be able to improve our business environment and our economy will not grow. We just need to make sure that when we borrow, we apply the borrowing to specific major infrastructure that would enhance the b...
After Recession, Economy On Stable Growth – Zainab Ahmed
Politics

After Recession, Economy On Stable Growth – Zainab Ahmed

The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, has said Nigeria’s exit from recession is a key indicator that the country is poised for stable and consistent growth. The minister said this on Wednesday while briefing State House reporters after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari. She said the exit from recession was an indication that the diversification efforts were yielding results and that there has been a vigorous implementation of the Economic Sustainability Plan (ESP) approved by FEC last June with Vice President Yemi Osinbajo leading the drive. Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as growth in agriculture and telecommunications offset a sharp drop i...
Sale of government assets will benefit Nigerians – Finance Minister, Zainab Ahmed says
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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...
FG Spent ₦6.46 Trillion On Debt Servicing, Personnel In 2020 – Zainab Ahmed
Politics

FG Spent ₦6.46 Trillion On Debt Servicing, Personnel In 2020 – Zainab Ahmed

The Federal Government spent a total of N6.46tn on debt servicing and workers in 2020, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said. She also disclosed that the government released a total of N1.8tn for capital projects within the year. She noted that out of this, up to N118.37bn was released for COVID-19 capital expenditure. Ahmed spoke virtually while presenting the 2021 Federal Government approved budget. Providing updates on the 2020 budget implementation, the minister stated that as at year end 2020, the Federal Government’s retained revenue was N3.94tn, 73 per cent of target. She said the Federal Government’s share of oil revenues was N1.52tn, representing 157 per cent performance, over and above the prorated sum in the revised 202...
High Transportation Cost Responsible For Inflation – Zainab Ahmed
Politics

High Transportation Cost Responsible For Inflation – Zainab Ahmed

The Federal Government has attributed the recent spike in inflation to the rising costs of moving goods across the country. Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this disclosure on Friday at a virtual event titled Finance Bill 2020 public consultations. The Minister said the current “inflation is driven by the cost of transport”. According to her: “If you look at the rate at which our inflation is going, and you disaggregate the components, you will find that inflation is largely driven by transport cost”. Government’s resolve, she said, “is to reduce transportation cost so that businesses will have ease and pass benefits to eventual consumers.” The draft Finance bill 2020, she assured, will address measures to reduce the cost of trans...
COVID-19: FG To Get $750m Loan From World Bank For States — Zainab Ahmed
Politics

COVID-19: FG To Get $750m Loan From World Bank For States — Zainab Ahmed

The federal government is currently processing a $750 million loan from the World Bank for state governments to address the impacts of the COVID-19 pandemic among the populace. The Minister of Finance, Mrs. Zainab Ahmed, disclosed this at the inauguration of the committee on Nigeria Covid-19 Action Recovery for Economic Stimulus (N-CARES), in Abuja, yesterday. She said that the administration was determined to assuage the impacts of the COVID-19 on low-income earners who form the bulk of the Nigerian population. Her words, “The diverse and severe impacts of the COVID-19 pandemic continue to be felt across the world with significant consequences on informal businesses, and households that survive on daily income and the peasant farmers who depend on their farm produce to surviv...
No plan to increase VAT again – Minister of Finance, Zainab Ahmed
Politics

No plan to increase VAT again – Minister of Finance, Zainab Ahmed

Minister of Finance, Zainab Ahmed has debunked claims of having plans to increase the Value Added Tax (VAT) and other taxes in 2021. Ahmed who defended her Ministry’s budget before the Senate Committee on Finance in Abuja, dismissed claims of an imminent increase in VAT and other taxes in the proposed Finance Bill to be presented to the National Assembly soon. The minister said;    “There will be no increase in VAT or any form of taxes because we see 2021 as a year of recovery – not only for government but businesses as well.”
Nigeria’s Debt May Jump By ₦6 Trillion To Hit ₦38 Trillion – Zainab Ahmed
Politics

Nigeria’s Debt May Jump By ₦6 Trillion To Hit ₦38 Trillion – Zainab Ahmed

Zainab Ahmed, the minister of finance, budget and national planning, has projected that Nigeria’s debt profile would hit N38.68 trillion by December 2021. Speaking when she appeared before the senate committee on local and foreign debts on Tuesday, Ahmed estimated that both external and domestic debt would rise to N32.51 trillion by December 2020. According to the Debt Management Office, the total public debt stock, which comprises the debt stock of the three tiers of government, stood at N31.009 trillion at the end of June 2020. “The total public debt stock comprising the External and Homes debts of the Federal and state governments and the federal capital territory stood at N31.01 trillion (USD85.90 billion) as at June 30, 2020,” she said. “It is projected, based on exist...
FG Seeks Fresh $1.2 Billion Loan From Brazil
Politics

FG Seeks Fresh $1.2 Billion Loan From Brazil

The Federal Government is seeking a $ 1 .2 bn external borrowing from China to finance agricultural programmes in the 2021 budget . A request for approval has also been transmitted to the National Assembly . The Minister of Finance, Budget and National Planning, Zainab Ahmed, who appeared before the House of Representatives Committee on Finance in Abuja on Tuesday to defend the budget proposed by her ministry , made this known . Ahmed disclosed that the Federal Government sent a request to the National Assembly to approve the loan from the Brazilian government to address issues in the agriculture value chain as Nigeria . Ahmed also said the Federal Government would acquire 100, 000 hectares of land in each state for food production, adding that link roads would be built in suc...
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We have failed our children – Minister of Finance, Zainab Ahmed

Minister of Finance, Budget and National Planning, Zainab Ahmed, has raised of alarm of parents failing their children. Speaking during a stakeholders’ engagement with 77 district heads, religious and community leaders from the 23 Local Government Areas of Kaduna State on Saturday October 31, the Minister stated that parents have failed their children by not instilling same values they had in them. Ahmed said; “We are calling the attention of parents that we have failed our children in the sense that the kind of values we use to have is no more. “We need to remind ourselves that our children need to be upright and that this criminality going on, on daily basis, is not for their benefits and the benefit of the state and country.”   Commenting on the state of security ...
Dangote Refinery Will Sell Petrol At International Price, Says FG
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Dangote Refinery Will Sell Petrol At International Price, Says FG

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said when Dangote Refinery kicks off next year, it may not significantly reduce the price of petrol because the refinery will be selling at the international price. Ahmed said this is because the refinery is located at the Export Processing Zone in Lagos State. The minister said this on NTA’s ‘Good Morning Nigeria’ programme on Monday, which was monitored by our correspondent. She said the only thing Nigeria would not need to pay is shipping cost. Zainab said, “What we are doing is enabling the petroleum sector to actually grow. There have been a number of refineries that have been licensed for several years. None of them was willing to start refining under the regime that we had were fuel was controll...
AfDB Should Step Up Job Creation Efforts – Zainab Ahmed
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AfDB Should Step Up Job Creation Efforts – Zainab Ahmed

The Federal Government on Tuesday said the African Development Bank should step up its efforts in helping African countries to create jobs for youths across the continent. Governor of Nigeria to AfDB and Minister of Finance, Budget and National Planning, Zainab Ahmed, said this in her congratulatory message to Akinwumi Adesina on the occasion of his swearing-in ceremony for a second term as AfDB President. Ahmed said projects in the areas of infrastructure development, the use of guarantee instruments to de-risk investments and promote trade, as well as private sector development were vital for job creation. She appreciated the quick action of the bank, with the support of the Board of Directors, in providing emergency COVID-19 assistance to regional member countries towards stabi...
SERAP Seeks Details Of ₦800 Billion Recovered Loot
Politics

SERAP Seeks Details Of ₦800 Billion Recovered Loot

Socio-Economic Rights and Accountability Project, (SERAP) has sent a Freedom of Information Act (FoI) request to President Muhammadu Buhari asking him “to direct Mr Abubakar Malami, SAN, Attorney General of the Federation and Minister of Justice and Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning to publish a comprehensive list of names of people from whom N800 billion in looted funds have been recovered, the details of spending of the money and the dates of the recovery.” SERAP also urged the president to: “direct appropriate anti-corruption agencies to promptly, thoroughly and transparently investigate allegations that payments totalling N51 billion were made into individual accounts in 2019.” In the letter dated 13 June, 2020 and signed by SERAP deputy dire...
Nigerian Government To Tax Netflix, Facebook, Twitter, Others
Politics

Nigerian Government To Tax Netflix, Facebook, Twitter, Others

The Federal Government plans to tax foreign digital service providers offering services to Nigerians and earning revenue in naira. Some of these service providers which are video streaming sites, social media platforms, and companies that offer downloads of digital contents are expected to pay digital tax to the Federal Inland Revenue Service. The Minister of Finance, Zainab Ahmed, had issued the Companies Income Tax (Significant Economic Presence) Order, 2020 as an amendment of the Finance Act 2019. The order aimed to impose tax on a foreign entity with respect to certain services or digital transactions if it had a Significant Economic Presence in Nigeria. It further stated that the finance minister may by order, determine what constituted SEP in Nigeria. Netflix, Face...
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...
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Nigeria is Heading Towards Recession – Minister of Finance, Zainab Ahmed

Zainab Ahmed, Nigeria's Minister of Finance, has said that the coronavirus pandemic and falling oil prices are set to force Nigeria's economy into recession. The Minister made this known today May 21, while speaking to state house correspondents shortly after attending the National Economic Summit meeting in Abuja. “On the economy, COVID-19 has resulted in the collapse in oil prices. This will impact negatively, and the impact has already started showing on the federation’s revenues and on the foreign exchange earnings. Net oil and gas revenue and influx to the federation account in the first quarter of 2020 amounted to N940.91billion.  This represented a shortfall of N125. 52billion or 31% of the prorated amount that is supposed to have been realized by the end of that first ...
₦5.548 Trillion Available To Fund 2020 Budget – Zainab Ahmed
Politics

₦5.548 Trillion Available To Fund 2020 Budget – Zainab Ahmed

While briefing the leadership of the National Assembly on Thursday, the Minister of Finance, Zainab Ahmed, reveal that the amount available for funding the 2020 Budget is now estimated at N5.548 trillion. The minister also spoke on the plan by the federal government to amend the N10.59 trillion 2020 budget passed by the National Assembly in December last year. She said the budget is down from N8.419 trillion, a revised revenue estimate which is 34 percent (N2.87 trillion) lower than what was initially approved, adding that the crude oil benchmark price is reduced from US$57 per barrel to US$25 per barrel. The Minister said; The federal government also adjusted the budget exchange rate to N360/US$1; and reduced the upfront fiscal deductions by the Nigerian National Petroleum C...
Federal Executive Council Approves Revised 2020 Budget
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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.
Nigerians Will Pay Higher Electricity Tariffs – FG Promises IMF
Politics

Nigerians Will Pay Higher Electricity Tariffs – FG Promises IMF

Nigerians will pay much higher tariff for power in 2021, going by promises made by the Federal Government to the International Monetary Fund while seeking the $3.4bn emergency financial assistance recently approved for Nigeria. The Executive Board of the IMF approved the Rapid Financing Instrument, which the Federal Government plans to use to address the economic impact of the COVID-19 pandemic in the country, on April 28. A Letter of Intent, jointly signed by the Finance Minister, Zainab Ahmed, and the Governor of Central Bank of Nigeria, Godwin Emefiele, and addressed to the IMF Managing Director, Kristalina Georgieva, indicated that the Federal Government made a number of promises to the fund in order to secure the financial assistance. One of the promises, or commitments, whic...
President Buhari Directs SGF, Head of Service to Scrap, Merge Some Agencies
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President Buhari Directs SGF, Head of Service to Scrap, Merge Some Agencies

President Buhari has directed the Secretary to the Government of the Federation, Boss Mustapha and the Head of Service, Folashade Mejabi Yemi-Esan, to begin the restructuring and rationalization of federal government parastatals, commissions and agencies. This directive comes after he approved the adoption of the Steve Oransaye Committee report. The Oronsaye committee was constituted during the Goodluck Jonathan administration to seek ways of cutting cost of governance in the country. After several deliberations, the committee came up with an 800-paged report, recommending the abolishment and merging of 102 government agencies and parastatals. Minister of Finance, Budget and National Planning, Zainab Ahmed, was on Channels TV where she disclosed that President Buhari has approved...
FG Slashes 2020 Budget
Politics

FG Slashes 2020 Budget

The Federal Government has sent a revised budget to the National Assembly, cutting down some costs in view of the coronavirus pandemic in Nigeria. A top source in the National Assembly shared a copy of the revised 2020 budget on Wednesday, noting that a meeting was ongoing between the leadership of the National Assembly and the Minister of Finance, Zainab Ahmed, and the Group Managing Director of the Nigerian National Petroleum Corporation. Parts of the documents showed that there is a 20 per cent cut on capital projects across ministries, departments and agencies to the tune of N312,820,542,675.
COVID-19: Buhari Approves Recruitment Of 774,000 Nigerians
Politics

COVID-19: Buhari Approves Recruitment Of 774,000 Nigerians

The Minister of Finance, Budget and National Planning, Zainab Ahmed, says President Muhammadu Buhari has approved the engagement of 774, 000 Nigerians on Special Public Works programme in the country to cushion the effect of COVID-19 pandemic. Mrs Ahmed disclosed this at a press conference on fiscal stimulus measures in response to COVID-19 pandemic and oil prices fiscal shock, on Monday in Abuja. She explained that 1, 000 people were expected to be recruited from each of the 774 local government areas in the country. According to her, the sum of N60 billion for allowances and operational cost has been earmarked from the COVID-19 crisis intervention fund for the initiative. She disclosed that President Buhari had previously approved a pilot special public works programme in eig...
Nigeria eyes $1.3bn health fund to tackle COVID-19
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Nigeria eyes $1.3bn health fund to tackle COVID-19

Nigeria is looking to set up a $1.3 billion (1.2 billion euro) fund to boost its fragile healthcare system for the fight against the coronavirus pandemic, officials said Saturday. Finance minister Zainab Ahmed met senior lawmakers to discuss pulling together the fund from government “special accounts” and international loans, a statement from the senate president’s office said. “What we are proposing is an establishment of a 500 billion naira COVID-19 Crisis Intervention Fund,” Ahmed was quoted as saying in the statement. “Our general view is that this crisis intervention fund is to be utilised to upgrade healthcare facilities.” The proposed fund is still subject to negotiations and would need to be approved by lawmakers, who have suspended their sittings due to the virus. “...
President Buhari Instructs Finance Ministry To Pay Salaries
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President Buhari Instructs Finance Ministry To Pay Salaries

President Muhammadu Buhari has directed the Ministry of Finance, Budget and National Planning to pay March salaries following his movement restriction in Lagos, Ogun and Abuja. The President gave the directive while meeting the COVID-19 Impact Assessment Committee on Thursday to review the effect of the outbreak on the economy. He urged the ministry to ensure that critical infrastructures are protected and as much as possible. The Minister of Finance, Budget and National Planning, Zainab Ahmed, briefing journalists on the outcome of the meeting in Abuja said the President further directed that measures be put in place to protect the poor during this lockdown. The President had in March set up a special committee to immediately look into the effects of COVID 19 on the price ...
FG Proposes Review Of Oil Benchmark To $30pb
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FG Proposes Review Of Oil Benchmark To $30pb

In a meeting with the leadership of the National Assembly on Wednesday, Minister of Finance, Zainab Ahmed, explained that prior to the COVID-19 and oil price decline, the Nigerian economy was already fragile and vulnerable. She added that the impact of the pandemic put increasing pressure on the Naira and foreign reserves as the crude oil sales receipts declined and the country’s micro-economic outlook worsened. Ahmed disclosed that the Federal Government has undertaken cuts to revenue-related expenditures for the Nigerian National Petroleum Corporation (NNPC) for several projects included in the 2020 Appropriation Act passed by the National Assembly in December, 2019. “Prior to COVID-19 and Oil price decline, the Nigerian economy was already fragile and vulnerable.” She also t...
Coronavirus: FG to Cut N1.5trn From 2020 Budget
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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
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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...
FG Releases Fresh N620m for Fight Against Coronavirus
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FG Releases Fresh N620m for Fight Against Coronavirus

The Federal government has released N620 million for the fight against coronavirus. Minister of Finance, Zainab Ahmed, in a statement released on Friday March 6th, said the approval and release of the funds by President Buhari was based on emergency. She said the first tranche of N364 million was earlier released, making a total of N984 million released to tackle the spread of the virus in the country. “The approval by President Muhammadu Buhari for the release of funds to tackle COVID-19 was an emergency and the process of releasing the fund was also an emergency as it was an unexpected expenditure,” the statement read. “However, the Ministry of Finance, Budget and National Planning had released the first tranche of N364 million sometime ago and the process of releasing the second t...
We’ll Pull 100m Nigerians Out of Poverty in 2020 – Finance Minister. Zainab Ahmed
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We’ll Pull 100m Nigerians Out of Poverty in 2020 – Finance Minister. Zainab Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed on Monday restated Federal Government’s plan to pull 100 million Nigerians out of poverty this year, in line with a pledge earlier made by President Muhammadu Buhari in 2019. Ahmed made this known when she appeared on a programme on NTA. Speaking during the interview, the  Minister said “President Muhammadu Buhari has directed that we must pull 100 million Nigerians out of poverty and that is our major focus. Based on the president’s directives, we want to move fast to make the kind of change the president wanted in the country. “In 2020, we want to move very fast because we realized that going at the steady rate we are doing is not going to make the kind of change that the ...
‘FG To Lift 100 Million Nigerians Out Of Poverty In 2020’ – Zainab Ahmed
Politics

‘FG To Lift 100 Million Nigerians Out Of Poverty In 2020’ – Zainab Ahmed

The Federal Government has promised to lift 100 million Nigerians out of poverty by providing enabling environment for small businesses. The Minister of Finance, Zainab Ahmed Shamsuna, stated this in an interview with NTA, which was quoted and published on the ministry’s twitter handle Monday morning. The tweet said: “President Muhammadu Buhari has directed that we must pull 100m Nigerians out of poverty and that is our major focus”. Based on the president’s directives, the minister said that the country had to move fast to make the kind of change the president wanted in the country. She said: “In 2020, we want to move very fast because we realized that going at the steady rate we are doing is not going to make the kind of change that the president has directed must happen. The p...
Dangote Refinery Will Save Nigeria $10bn – Zainab Ahmed
Politics

Dangote Refinery Will Save Nigeria $10bn – Zainab Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Sunday that Dangote Refinery would save the country of $10 billion spent on crude importation when it comes on stream. She also said the refinery would create thousands of jobs for Nigerians when it becomes operational. The minister said this when she was conducted round the ongoing Dangote Petroleum Refinery, Petrochemical complex, fertilizer plant and Subsea gas pipeline projects. She also said the government would continue to provide an enabling environment for local businesses to grow. Ahmed said: “We are very confident that once Dangote refinery commences operation it will save us over $10 billion Nigeria spent on importing crude oil and also help to build local capacity and create jobs. The mon...
Politics

Zainab Ahmed Insists FIRS Will Collect Stamp Duties, Others

The Minister of Finance Budget and National Planning. Zainab Ahmed, has said that the Federal Inland Revenue Service (FIRS) would be in charge of sales and collection of stamp duties. This is coming despite the Senior Staff Association of Statutory Corporations and Government Owned Companies (SSASCGOC) and NIPOST workers got the assuarance of the senate that they would carry out the mandate. The Minister while addressing the press in Abuja said “by the passage of the Finance Bill it will be the Federal Inland Revenue Service that will be collecting the Stamp Duties.” S “It is a revenue for the government, it is a form of tax for every financial transaction that goes on. For example, you send a transfer, you see the bank charges you N50, FIRS is going to be the collection agency,”...
World Bank Denies Approving $3 Billion Electricity Loan To Nigeria
Politics

World Bank Denies Approving $3 Billion Electricity Loan To Nigeria

The World Bank on Wednesday denied approving $3 billion electricity loan to Nigeria, saying that negotiations were still ongoing and would be completed in March next year. “The Word Bank and the Nigerian Government are in discussion for technical and financial assistance to support Nigeria’s power sector reform. The focus is to improve access to electricity for the people of Nigeria. Discussions regarding our support are ongoing and more details will be available when the negotiations are completed by March 2020,” a World Bank spokesperson said in a statement to TODAY NEWS AFRICA USA. Discussions regarding our support are ongoing and more details will be available when the negotiations are completed by March 2020 – The World Bank The Nigerian Minister of finance Zainab Ahmed a...
FEC Directs Minimum Wage Payment On Or Before December 31
Politics

FEC Directs Minimum Wage Payment On Or Before December 31

The Federal Executive Council (FEC) has directed the Minister of Finance, Zainab Ahmed, to effect payment of the new minimum wage on or before 31st December, 2019. This was disclosed by the Minister of Labour, Chris Ngige, at the end of FEC meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa Abuja. He also said FEC approved the minimum wage to take effect from 18 April 2019.
Zainab Ahmed Reveals Why IMF Supports Nigeria’s Border Closure
Politics

Zainab Ahmed Reveals Why IMF Supports Nigeria’s Border Closure

The Minister of Finance, Mrs . Zainab Ahmed, says the International Monetary Fund supports Nigeria’s closure of its land borders because it understands that the action is not punitive . Addressing newsmen in Washington on Sunday, Ahmed explained that the measure was intended to restore Nigeria’ s relationship with its neighbours , based on commitments made. She said that President Muhammadu Buhari did not want to approve the closure because he was mindful of the adverse effect it would have on the economies of neighbours . According to her, there were several engagements between Nigeria and the neighbouring countries toward securing compliance to the rules , “ but things got worse ” . “ Of course, there will be economic impact on the side of our neighbours due to the border clo...
FG Mulls New Tax On Coke, Bigi, Other Soft Drinks
Politics

FG Mulls New Tax On Coke, Bigi, Other Soft Drinks

Zainab Ahmed, the minister of finance, says the federal government is considering introducing excise duty on carbonated drinks. The minister made this known while addressing journalists on the sidelines of the ongoing annual meetings of the International Monetary Fund and World Bank Group. Excise duty is a levy placed on the manufacture and sale of locally produced goods. Information provided on the Nigeria Customs Service website shows that excise is currently placed on non-alcoholic beverages, fruit juices, beer, stout and alcoholic beverages. According to Ahmed, the government is working on maximising existing revenue streams while trying to identify new revenue streams. “Our objective is to be able to harness the existing revenue streams that we have by ensuring that...
Fuel Subsidy To Gulp N450 Billion In 2020 – Minister For Finance, Zainab Ahmed
Politics

Fuel Subsidy To Gulp N450 Billion In 2020 – Minister For Finance, Zainab Ahmed

The Minister for Finance , Budget and National Planning , Mrs . Zainab Ahmed , says under - recovery of Premium Motor Spirit , popularly referred to as fuel subsidy, will gulp N 450bn in 2020 . She said this on Monday in Abuja , at the public presentation of the 2020 budget proposals. Ahmed said it was called ‘under -recovery ’ because it was the cost of operation of the Nigeria National Petroleum Corporation. “ We have a provision for under -recovery of PMS in the sum of N 450 bn . If you look at the Budget office ’s website , it is in the fiscal framework , which is an annexure to the budget.” The News Agency of Nigeria reports that President Muhammadu Buhari had , on Tuesday , presented a budget proposal of N 10 .33 trn to a joint session of the National Assembly . He p...
We’ll Give Life Of Dignity To All Nigerians – FG
Politics

We’ll Give Life Of Dignity To All Nigerians – FG

Minister of Finance, Zainab Ahmed, on Friday, delivered a keynote address at the launch of the ‘Social Safety Nets Africa Report’ by the World Bank. In her address, the Minister gave some contextual background on the importance of undertaking a continent-wide approach for social safety-nets, saying that “extreme poverty remains a pervasive phenomenon, particularly in Sub-Saharan Africa”. Ahmed mentioned that in wake to the complexity of these issues, governments in these regions have initiated several programs to “halt the spread of poverty”. The Minister said that the Nigerian government has established several social intervention programmes such as the ERGP, the NSIP to “give life of dignity to all Nigerians especially the poor”. According to Minister Ahmed, from the prev...
Check Out Shehu Sani’s Tweet On Newly Introduced 7.2% VAT
Politics

Check Out Shehu Sani’s Tweet On Newly Introduced 7.2% VAT

Senator Shehu Sani has reacted to the recent increment in Value Added Tax (VAT) by the President Muhammadu Buhari led federal government. We had reported that President Buhari, in the last FEC meeting held on Wednesday, approved a two per cent increase in VAT to move it from the current five to seven per cent. The Minister of Finance, Zainab Ahmed, who made the disclosure, however, said the implementation will not take effect until the approval by the National Assembly. Reacting to the development in a tweet sighted on Saturday, the former Senator representing Kaduna Central, wrote; “Peter is for VAT, Paul is for new Minimum wage.” https://twitter.com/ShehuSani/status/1172822984517664768?s=19 We could deduce that the Kaduna born politician meant the President Buhari led a...
Politics

Increment Of VAT To 7.2%: Nigerians Slam FG

Nigerians have reacted with outrage to the approval of an increase in Value Added Tax (VAT) rate in the country from 5 per cent to 7.2 per cent by the Federal Executive Council (FEC).. The Minister of Finance, Budget and National Planning, Zainab Ahmed, announced the approval after the FEC meeting in Abuja on Wednesday. She said stakeholders, including the National Assembly and the states, would have to agree on the date expected to be in 2020. “We also reported to council and council has agreed that we start the process toward the increase of the VAT rate. We are proposing and council has agreed, increase in the VAT rate from 5 per cent to 7.2 per cent,” she said. Nigerians have expressed disappointment with the government over the increase.
FG Raises VAT To 7.2%, To Seek National Assembly Approval
Politics

FG Raises VAT To 7.2%, To Seek National Assembly Approval

The federal executive council (FEC) has approved an increase in value added tax (VAT) rate from 5% to 7.2%. Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house correspondents at the end of the cabinet meeting on Wednesday. However, this is subject to an amendment of the VAT act of 1994 by the national assembly. VAT replaced the sales tax in 1994 and was pegged at 5% by the military government of Sani Abacha. In 2007, former president Olusegun Obasanjo increased VAT to 10% on the eve of his departure from office but it was reversed by his successor, Umaru Musa Yar’Adua, following opposition from labour. Wednesday’s FEC meeting, which started at 11am and ended at 6:12pm, was presided over by President Muhammadu Buhari. Ahmed said...
CBN Monetary Policy Committee, Minister Of Finance Clash Over Debt
Politics

CBN Monetary Policy Committee, Minister Of Finance Clash Over Debt

Two days after Nigeria’s Minister of Finance, Zainab Ahmed, faulted financial experts, stating that Nigeria’s N24.9 trillion debt was not a problem, members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have countered her claim. The members of the MPC raised a concern about the debt level of the states and the Federal Government which they said was worrisome when compared to other countries that the Minister of Finance used to defend the current debt problem. Nairametrics reported that Ahmed decried the insensitivity of experts concerning the debt situation of the country at a meeting with the management staff of the Ministry of Finance and Budget & National Planning on Monday. She said that despite the misgivings amongst experts over the rising debt...

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