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Senate Passes N8.91Trn 2019 Appropriation Bill

The Nigerian Senate on Tuesday passed the 2019 Appropriation Bill after months of rigorous deliberations on the proposal sent by the Executive in December 2018. The figure is higher than the proposed sum of expenditure President Muhammadu Buhari presented to the joint session of the national assembly on December 19 by N86 billion. The passage […]

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President Buhari Signs National Minimum Wage Bill

President Muhammadu Buhari on Thursday assented to the N30,000 National Minimum Wage Bill, thereby ending lingering controversies that had trailed the bill over the past months. A source in the Presidency who confirmed that the President signed the bill into law this afternoon, said that the Senior Special Assistant to the President on National Assembly […]

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Poor Implementation Of Audit Findings Bane Of Anti-Graft Drive – AuGF

The Auditor-General for the Federation (AuGF), Anthony Mkpe Ayine, has identified the poor implementation of audit recommendations contained in the Auditor-General’s inspections and annual audit reports as a major constraint to efforts aimed at sanitizing the nation’s public sector. Ayine made this disclosure when he hosted a delegation from the Pension Transitional Arrangement Directorate (PTAD) […]

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FEC Approves New $247.3Mn Loan For Infrastructure Devt

Despite concerns by some analysts and the International Monetary Fund (IMF) about Nigeria’s rising debt stock, the Federal Executive Council (FEC) has approved another $247.3 million foreign loan for infrastructure development. Nigeria’s domestic and foreign debt had jumped from N12.12 trillion in 2015 to N24.38 trillion in 2018. Giving a breakdown of the loan based […]

Budgeting Latest News National Assembly

Again, Senate Appropriation Committee Failed To Lay Budget Report

For the second time within 10 days, the Senate Committee on Appropriation on Thursday failed to lay the report of the 2019 Appropriation Bill, with budgetary proposal totalling N8.83 trillion, before the Senate in plenary. Findings indicated that the laying of the report was neither listed on the Order Paper for day, nor was it […]

Budgeting Economy News Extra Latest News Power/Electricity

Afam Power Boss Seeks Adequate Budgetary Allocation For GenCo

The Managing Director, Afam Power Plc, Mr Olumide Obademi, on Friday appealed to the Federal Government for adequate budgetary provision to enable the company remain competitive in the nation’s power generation market. He made the appeal in Afam, Rivers State when principal officials of the Federal Ministry of Power, Works and Housing embarked on a facility  inspection […]

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Nigeria’s Debt Hits 24.38Trn, As DMO Plans 30-Yr FG Bond

The Debt Management Office (DMO) on Thursday disclosed that the nation’s debt stock totalled   N24.38 trillion as at the end of the 2018 fiscal year, representing N2.66 trillion or 12.25 percent higher than the N21.74 trillion in the preceding year. The Director-General of the Office, Ms Patience Oniha, disclosed the figures during a media briefing  […]

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ICPC To Prosecute Constituency Project Fraudsters, Firms

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Tuesday said that it would prosecute politicians and contractors found to have engaged in fraudulent execution of constituency projects in the country. The chairman of the commission, Prof. Bolaji Owasanoye, who disclosed this during the launch of the Constituency Projects Tracking Group (CPTG) in […]

Budgeting Economy News Extra Latest News National Assembly

Senate Defers Passage Of 2019 Appropriation Bill Till April 16

Apparently overwhelmed by the political brinkmanship associated with the election of leaders for the 9th National Assembly, the Senate on Tuesday could not conclude deliberations on the 2019 Appropriation Bill and postponed its passage by two weeks. The upper legislative chamber stated that it adjourned plenary till April 9 to allow its Committee on Appropriation […]

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FG To Borrow N1.6Trn To Bridge 2019 Budget Deficit Gap

The Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, disclosed on Thursday that the Federal Government planned to borrow N1.6 trillion to fund the 2019 budget. Oniha, who made the disclosure at the Association of Issuing Houses of Nigeria’s semi-annual business lunch held in Lagos, said government had been reducing its level of […]