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National Assembly Passes N10.59Trn Budget For 2020 Fiscal Year

The Senate on Thursday  passed a federal budget of N10.59 trillion  for the 2020 fiscal year  in keeping with its major legislative agenda of returning the country’s budget cycle to a more predictable one as well as re-positioning the nation’s economy on the path of sustainable growth.. The passage of the annual 2020 budget before […]

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Defaulting Agencies On Financial Reporting Rise To 265 In 2017 – Auditor General

The Auditor General for the Federation, Mr. Anthony Mkpe Ayine, has reported that more Ministries, Departments and Agencies (MDAs) breached the requirements on the submission of their audited financial statements to his office in year 2017 as against 160 that defaulted in the preceding year. Ayine, in the latest 2017 Audit Report published by the […]

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Senate Passes PPA 2007 Amendment Bills, To Pass 2020 Budget Thursday

The Senate on Wednesday during plenary passed the Public Procurement Act 2007 amendment bills even as it had scheduled the passage of the 2020 Appropriation Bill for Thursday, December 5, 2019 The passage of the Public Procurement bills by the upper chamber was sequel to presentation and consideration of the report of the Senate Committee […]

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World Bank Lists Challenges To Nigeria’s Entrepreneurial Ecosystem

The World Bank Group on Thursday reported that although Nigeria is the largest mobile market in Sub Saharan Africa (SSA) with a strong mobile broadband infrastructure and a vibrant digital entrepreneurial ecosystem, the lack of infrastructure and connectivity in the country’s rural areas is a key challenge. The Breton Woods institution disclosed this during the […]

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Senate Tasks FG On Oil Sector Operations’ Computerization

The Senate has advised the President Muhammadu Buhari-led government to initiate the process of computerising the nation’s oil sector in line with industry’s best practices globally. The upper chamber of the Legislature pointed out that computerization of the hydrocarbon resources industry would curb the multifaceted challenges associated with the oil and gas production, transportation and […]

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OAuGF, Finance Ministry Seal LoU On SFTAS Programme

The Office of the Auditor-General for the Federation (OAuGF) and the Federal Ministry of Finance Budget and National Planning have signed a Letter of Understanding (LoU) singalling the formal launching of the State Fiscal Transparency, Accountability and Sustainability (SFTAS) programme. The SFTAS is a $750m programme of the Federal Government to reward states for meeting […]

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FG Tasks States On Alternative Revenue Generation Options

The Minister of State Budget and National Planning, Prince Clement Agba, has charged state commissioners of budget and economic planning to devise alternative ways of revenue generation to ensure sustainable development of the nation’s  economy. The Minister gave this charge at the  Forum of Commissioners of Budget and Economic Planning, Community of Practice (CoP) meeting […]

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Senate Seeks Improved Funding For Border Communities’ Devt Agency

The Senate has urged the Federal Government to improve funding for the Border Community Development Agency (BCDA) to mitigate the communities’ under-development and improve the welfare of people living in border communities. The call for funding of BCDA was sequel to a motion sponsored by Sen. Sadiq Suleiman and co- sponsored by 21 other senators […]

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Governors Support 7.5% VAT, As Lawan Lists Finance Bill Benefits

State governors on Thursday expressed support for the Finance Bill, which seeks to increase Value Added Tax (VAT) from five per cent to 7.5 per cent, among other revenue generation and fiscal proposals. The Vice-chairman of the Nigerian Governors Forum (NGF), Aminu Tambuwal, gave the governors’ position on the proposed hike of the VAT rate […]

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FGN’s N150Bn Bond Auction In November Oversubscribed – DMO

The Debt Management Office (DMO) on Thursday stated that the FGN Bond Auction, which took place on Wednesday, November 20, 2019 was over-subscribed significantly by investors. For the auction, the DMO offered N150 billion from three (3) Instruments (5-Year, 10-Year and 30-Year Bonds) for N50 billion each to investors The Office indicated that total subscriptions […]