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Lagos, South Africa and New York
Wednesday, June 3, 2020

Nigeria switches to domestic stock markets to finance 2020 budget

By Camillus Eboh ABUJA, April 28 - Nigeria will shelve plans to borrow 850 billion naira ($2.36 bln) from international markets and instead tap domestic markets to finance its 2020 budget, President Muhammadu Buhari said after the new coronavirus pandemic triggered an oil price plunge. Nigeria...

COVID-19: 3 weeks after passage, Economic Stimulus Bill not ready for assent

Three weeks since the House of Representatives passed the ‘Economic Stimulus Bill 2020’ to ease the impact of the COVID-19 pandemic on the economy, it is yet to be transmitted to the presidency for assent. Passed on March 24, the bill was aimed at providing...

Niger-Delta, Health, Education To Suffer N321bn Budget Cut

The slash in the Federal Government’s budget by about N321bn would mostly affect projects to be implemented in the Niger-Delta, North-East, basic education, healthcare and other sectors of the economy. The executive arm of government had on Wednesday sent a revised budget proposal to the...

Coronavirus: Niger govt slash 2020 budget by 36%

Amidst the Coronavirus (COVID 19) pandemic, Niger State Executive Council seeks to downsize the 2020 approved budget by 36 per cent. The State Commissioner for Budget and Planning Commission, Alhaji Mamman Musa disclosed this during post exco media briefing held at the Government House, Minna. Alhaji Musa said that...

Nigeria to cut budget in face of oil price crash -finance minister

ABUJA (Reuters) - Nigeria will cut size of its budget in the face of sharp declines in the price of crude oil, the nation’s finance minister told reporters on Monday. Zainab Ahmed, speaking in Abuja after a meeting with President Muhammadu Buhari, said a committee...

UPDATED: Senate approves Buhari’s request to borrow $22.8bn as debt service costs surges

ABUJA, March 5 - Nigeria’s upper house of parliament has approved foreign borrowings of $22.7 billion requested by President Muhammadu Buhari, the Senate President said on Thursday. About $17.06 billion of the total loans will be provided by China’s Eximbank, while the World Bank,...

UPDATED: As Coronavirus cracks down oil price to $57 per barrel Nigeria may review 2020 budget benchmark at $45bpd

The Federal Government on Wednesday said it would revise the benchmark if oil price remains at $57 per barrel the rest of the year occasioned by coroner virus outbreak. Consequently the FG through the budget office is planning a media budget review in June. Ben Akabueze,...

Gov. Ishaku signs N215.8Bn Taraba 2020 Appropriation Bill into law

Governor Darius Dickson Ishaku on Friday in Abuja, signed into law Taraba State’s 2020 Appropriation Bill of N215.8b. The figure represents an increase of two N2.2b from the N213. 6b he submitted to the State House of Assembly on December 19, 2019. Titled “Budget of...

Masari signs N244.8 bn 2020 budget into law

Gov. Aminu Masari of Katsina State on Thursday signed the state’s N244.8 billion 2020 budget into law. The budget, which was tagged “Budget of Reflection and Progress”, was aimed at ensuring continuation of the restoration agenda and policies of the administration. Masari said at the ceremony...

Lagos Assembly passes Lagos 2020 budget of N1.168trn

The Lagos House of Assembly has passed the year 2020 budget of N1.168 trillion. The passage followed the presentation of a report by the joint committee of the House on Appropriation and Finance by the Chairman of the House Committee on Budget and Economic Planning,...