25 C
Lagos, South Africa and New York
Tuesday, July 7, 2020

Nigeria seeks strategies to reduce cost of governance by N300bn

The Federal Government is planning to implement a bouquet of strategies that will enable it to achieve a reduction in recurrent expenditure by N300bn annually. The strategies prepared by the Ministry of Budget and National Planning would further reduce personnel costs by eliminating unjustified entries...

Nigeria’s Senate approves Medium Term Expenditure Framework

Nigeria’s Senate has approved the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) and set oil benchmark for 2017 budget at 44.5 dollars per barrel. The approval including the exchange rate at N305 to a dollar as proposed by the executive for the...

Breakdown of Nigeria’s Budget 2018 Presented by Minister of Budget and National Planning

Introduction The Nigerian economy lapsed into recession in Q2 2016 precipitated by sharply lower oil prices, and without sufficient fiscal buffers following years of inappropriate policies, fiscal leakages and inefficient spending. This necessitated a number of economic and institutional reforms as well as the implementation of...

Obaseki presents N175bn 2019 budget proposal to Edo Assembly

Governor Godwin Obaseki of Edo State on Monday presented a budget proposal of N175 billion for 2019 fiscal year to the state House of Assembly. The News Agency of Nigeria (NAN) reports that the budget proposal is 9.2 per cent above the 2018 budget of...

2017 budget will address Nigeria's challenges of foreign missions – Sen. Sunmonu

Sen. Monsurat Sunmonu, Chairman, Senate Committee on Foreign Affairs, has assured staff of the 116 Nigeria’s missions that the 2017 budget would address their challenges. Sunmonu told the Correspondent of the News Agency of Nigeria (NAN) in New York that she had seen first hand,...

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,...

Ekiti Assembly passes N91.1b revised appropriation bill 2020

Ekiti House of Assembly has passed the state’s 2020 revised appropriation bill of N91.1 billion which is N33.6 billion lower than the previous appropriation. The assembly had earlier passed the 2020 appropriation of N124.7 billion, before the outbreak of COVID-19 pandemic in the country. The second...

Shettima presents N170bn budget for 2018

Gov. Kashim Shettima of Borno on Thursday presented N170.2 billion Appropriation Bill for 2018 fiscal year to the State House of Assembly. ‎Shettima said the bill tagged: “Budget of Resettlement and Empowerment”, was less than that of 2017 by N13. 560 billion or 7.38 per...

Ogun assembly passes 2020 budget

The Ogun State House of Assembly on Friday approved the state’s 2020 budget proposal of N449.9 billion largely retaining the budget presented by the executive. It, however, effected a slight increment of N2.1 billion for capital projects. While the capital component was increased from N269.1 billion...

CBN injects $210m as naira appreciates to N360.25/$ in I&E vjj I

The naira started the week with a 40 kobo depreciation to N360.25 per dollar in the Investors’ and Exporters’ (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market. Governor, Central Bank of Nigeria (CBN), Mr...
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