[su_dropcap]T[/su_dropcap]HE Senate and the House of Representatives on Wednesday passed the 2016 budget of N6.060tn at separate sessions held in their respective chambers. This showed a reduction of about N17bn from the adjusted figure of N6.077tn, which President Muhammadu Buhari presented to the National Assembly, Punchng report. The 2016 Appropriation Bill passed third reading in both […]
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[su_dropcap]N[/su_dropcap]IGERIAN external reserves reduced by $6.7bn within a period of 21 months. This disclosure was contained in a paper presented to the just-concluded two-day retreat of the National Economic Council by the Minister of Budget and National Planning, Senator Udo Udoma. Our correspondent on Wednesday sighted a copy of the paper entitled: ‘Strategic Implementation Plan for the […]
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AFTER weeks of delay, both chambers of the National Assembly received a report on the 2016 budget on Tuesday from the Senate and the House of Representatives Joint Committee on Appropriation, Punchng report. The report retained the corrected total budget figure of N6.07tn as presented to the National Assembly by President Muhammadu Buhari. There were strong […]
Read More The National Assembly yesterday raised concern about the implementation of the N500 billion special intervention fund, a cardinal programme of the Buhari administration. The lawmakers were categorical that though the plan by the Federal Government to spend N500 billion on vulnerable Nigerians is laudable, its implementation will pose problems. According to The Nation, Chairman, Senate Committee […]
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South Africa’s finance minister walks a tightrope on Wednesday as he presents a budget watched closely by ratings agencies that are on the verge of downgrading the country’s debt to junk status, AFP report. The International Monetary Fund and the World Bank predict South Africa’s growth this year will slide to less than one percent […]
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FEDERAL Government expects the maritime sector to contribute at least one quarter, or 25 per cent of the total funding of the national budget next year. The Minister of Transport, Rotimi Amaechi who spoke yesterday in Lagos, said the government has set N500billion revenue target for agencies in the maritime sector to be able to achieve […]
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THE All Progressives Congress (APC) Chairman John Odigie-Oyegun yesterday spoke of internal sabotage in the government agencies mainly filled by members of the Peoples Democratic Party (PDP), whose Chief Executive Officers were sacked on Monday. He spoke with State House correspondents after leading the party leadership to meet President Muhammadu Buhari at the State House, […]
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AN embarrassing errors in the 2016 Budget appeared to have claimed a first casualty on Monday as President Muhammadu Buhari sacked the Director-General (Budget), Mr. Yahaya Gusau. The President also approved the appointment of Mr. Tijjani Abdullahi to replace Gusau, who was appointed in August last year. The budget office has also been reorganized with […]
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NIGERIA Senate President, Bukola Saraki, has lamented that ineffective implementation of past budgets and abandonment of projects have led to wastage that has negatively affected the nation’s economy in the last 16 years, The Nation report. Saraki, according to a statement on Thursday by his Chief Press Secretary, Sanni Onogu, stated this at an interactive […]
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EDO House of Assembly on Thursday passed the 2016 budget estimates of N116.6 billion. Governor Adams Oshiomhole had on December 14, 2015 presented a budget size of N111.5 billion to the house for consideration and passage. The budget as presented by the governor consists of N58.9billion as capital expenditures while the proposed recurrent expenditures stood at […]
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ACCORDING to sources, Finance Minister, Mrs. Kemi Adeosun, will travel to China next week to negotiate the loan to help fund the record budget spending, financial and government sources were yesterday quoted by News Agency Reuters. Sources said Nigeria has shelved plans to meet investors about returning to commercial borrowing on the Eurobond market. One Nigerian government […]
Read More The Ministry of Budget and National Planning on Tuesday admitted that there were errors in the 2016 Budget, blaming the development on the adoption of the Zero-Based Budgeting System. The ministry stated this in a statement by the Director of Information in the ministry, Mr. Charles Dafe. It explained that while the budget, which was […]
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