The Nigerian Government yesterday extends the implementation of the capital component of the 2016 budget from March 31 to May 5, or till the passage of the 2017 budget, whichever is earliest. The Ministry of Finance said in a statement that already, the Accountant-General of the Federation, Alhaji Idris Ahmed, had issued a circular to […]
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Acting President Yemi Osinbajo has requested the National Assembly’s approval for the issuance of US$ 500 million Eurobond in the international capital market for the funding of 2016 budget deficit. In a letter to the Speaker, House of Representatives, Yakubu Dogara, Osinbajo said that the proceeds of the Eurobond would be used to execute some […]
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The Central Bank of Nigeria (CBN’s) budget of N420,787,701,850.00 for 2016 has been passed by the House of Representatives. The budget that ends on December 31 this year has N419,672,000,320 allocated for recurrent expenditure, while the excess revenue over expenditure stood at N1,115,701,530. Details of the budget that was presented by Chairman Committee on Banking […]
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The Federal Government has appealed to the African Development Bank to rapidly approve the $1bn loan facility it promised as support for the implementation of Nigeria’s 2016 budget. According to the government, the loan is expected to cover the 35 per cent shortfall in the budget. The Minister of Budget and National Planning, Senator Udo Udoma, […]
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The Minister of Finance, Mrs. Kemi Adeosun, has announced that at the end of September, N3.9tn out of the N6.1tn budgeted for the year has been released. This is announced by the Director Special Projects in the ministry, who represented the minister, Mr. Mohammed Dikwa, a stakeholders’ forum on reducing the cost of governance in Abuja […]
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“I wish to reiterate that no Kobo belonging to Nigerians has been misappropriated, stolen or lost in this budget saga,” the Speaker of the House, Yakubu Dogara said on Saturday on his official Twitter account. “I wish to state clearly that there was no act of corruption by me during and/or after the preparation of […]
Read More Kwara State Governor Abdulfatah Ahmed has lauded the inclusion of some deplorable federal roads in the state in the 2016 budget. He described it as the best thing that had happened to the state in the last 16 years from the Federal Government. Governor Ahmed spoke during a media chat to mark the first year […]
Read More The Minister of Finance, Mrs. Kemi Adeosun, said on Thursday that there was no guarantee that the Federal Government would implement the 2016 budget in full. The minister, who took her turn to address members of the House of Representatives at the ongoing sectoral debate initiated by the House, explained that much depended on how […]
Read More The Federal Government said on Thursday that it would commence the release of the sum of N350bn set aside for capital projects as contained in the 2016 budget yesterday (Friday). The Minister for Budget and National Planning, Senator Udo Udoma, disclosed this during the public presentation of the 2016 budget, which was signed last Friday by […]
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The Nigerian capital market on Monday continued its gaining spree two sessions into the signing of the budget into law by President Muhammadu Buhari. The Nigerian Stock Exchange market capaitalisation rose by N44bn to close at N8.884tn from N8.840 at the close of trading on the floor of the Exchange, Punchng report. The market had […]
Read More The Federal Government will on Thursday make public the details of the 2016 budget signed into law by President Muhammadu Buhari last Friday. Also to be made public is the budget’s strategic and implementation plan. According to information made available on the Aso Rock Tweeter handle on Monday, the presentation would be done by the […]
Read More The 2016 “Budget of Change” which was signed into law yesterday by President Muhammadu Buhari has a capital outlay of N6.06 trillion, N200 billion short of the N6.08 billion originally proposed by the executive. The cut in the budget was essentially from the recurrent component, an indication that the government is serious about cutting cost […]
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