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 […]
International oil prices dipped on Friday following United States’ report that its crude output had hit a record 12 million barrels per day (bpd), thereby undermining efforts by Organisation of Petroleum Exporting Countries’ (OPEC’s) efforts to withhold supply and tighten global markets. On Friday, Brent crude futures sold at 66.87 dollars per barrel at 0326 […]
President Muhammadu Buhari on Wednesday said that an Executive Bill on the proposed new minimum wage would soon be sent to the National Assembly for passage. The President disclosed this during his presentation of the 2019 Appropriation Bill to the joint session of the National Assembly. While assuring the Federal Government’s commitment to addressing proposed […]
President Muhammadu Buhari on Wednesday presented a N8.83 trillion Appropriation Bill to the joint session of the National Assembly for the 2019 fiscal year. According to the president, the budget is predicated on $68 per barrel of oil benchmark at 2.3 million litres production per day, a GDP growth rate of 3.01 percent and inflation […]
The Director General, Budget Office of the Federation, Mr. Ben Akabueze, has hinted of plans by the Federal Government to capture yearly budgets of Government-Owned Enterprises (GOEs) in the federal budget as part of its efforts to streamline the fiscal system. The proposed plan, if consummated, will stop the current practice of sending separate budgets […]
The Director General of the Budget Office, Ben Akabueze, on Tuesday disclosed that no fewer than 50 Government-Owned Enterprises (GOEs) were yet to remit about N2.78 trillion to the Federation Account as operating surpluses in line with the provisions of the law. Akabueze, who made this disclosure while speaking at a town hall meeting with […]
The Lagos State Government on Tuesday hinted that one percent of its consolidated revenue would henceforth be committed to funding public health, especially for indigent and vulnerable residents. The state Governor, Mr. Akinwunmi Ambode, disclosed this during the unveiling of the Lagos State Health Insurance Scheme. Ambode explained the essence of the health insurance scheme […]
President Muhammadu Buhari on Tuesday rejected the National Assembly’s approval for refund of N488.7 billion to state governments for projects they executed on behalf of the Federal Government in their domains. The President, who communicated his decision on the matter through a letter read by the Senate President, Sen. Bukola Saraki, at plenary on Tuesday, […]
The Senate on Tuesday resolved to hold a joint session with House of Representatives on Wednesday, December 19, for President Muhammadu Buhari to present the 2019 Appropriation Bill, despite the ongoing industrial action of workers. The Senate Leader, Senator Ahmad Lawan, had at plenary moved a motion for the presentation of the bill by the […]
The federally generated revenue from oil and non-oil sources for the nine-month period ended September 30 this year stood at N6.93 trillion as against the projected N9.96 trillion during the period. An analysis of data obtained from the Central Bank of Nigeria (CBN) on the federal revenue during the period showed that N2.08 trillion was […]