The Federal Executive Council on Wednesday approved the 2019-2021 Medium-Term Expenditure Framework and Fiscal Strategy Paper in furtherance of the Federal Government’s efforts to consolidate on the modest mileage recorded on the nation’s economic recovery drive. In addition, the council approved also the government’s proposed N8.73 trillion budgetary provisions for the 2019 fiscal year. The […]
India’s projected Goods and Services Tax (GST) collections for the current fiscal year have not been met by the tax authorities, thereby compelling the government to jack up the country’s direct tax-GDP ratio. Speaking on the development on CNBC TV, national tax leader at Ernst & Young (EY), Sudhir Kapadia, pointed out that if the direct […]
South African new Finance Minister, Tito Mboweni, will on Wednesday seek 50 billion rand ($3.5 billion) for a stimulus package as the country contends with fiscal challenges in 2018 budget implementation Mboweni, the former central bank governor who took over the finance ministry barely two weeks ago after Nhlanhla Nene resigned, has to do that […]
The Federal Government on Thursday indicated its plan to propose a N8.6 trillion Appropriation Bill to the National Assembly for consideration as 2019 budget. When analysed year-on-year, the proposed budgetary provision is lower by about N500 billion to the N9.1 trillion approved budget for the current fiscal year. It would be recalled that the National […]
The Delta State Governor, Dr Ifeanyi Okowa, on Wednesday presented budget estimates of N367, 095,083,451:00 billion for the 2019 fiscal year to the state’s House of Assembly. Speaking on the Appropriation Bill christened ‘Budget of Sustainable Growth’, Okowa said N157 billion, representing 42.79 percent would be committed to recurrent expenditures while N209.9 billion, or 57.21 […]
The Minister of Information and Culture, Alhaji Lai Mohammed on Wednesday disclosed that the President Muhammadu Buhari administration had spent a total of N2.7trillion on infrastructure development across the country since its inception. The minister gave the hint in his presentation titled ‘Nigeria’s National Unity: Toward Participation and Shared Values’ at The Chatham House in […]
The Nigerian National Petroleum Corporation (NNPC) on Wednesday refuted insinuations that it had in its custody the $3.5billion subsidy fund that has generated some controversies in recent months. The clarification came on the heels of the Senate’s plans to investigate the subsidy fund, which the lawmakers alleged that the corporation used the fund to subsidize […]
A former federal minister and frontline civil advocate, Dr. Oby Ezekwesili, has advised the Federal Government to suspend its plan to raise $2.8 billion in Eurobond to fund the 2018 budget. She gave the advice while reacting to the Minister of Finance, Hajia Zainab Ahmed, who on Sunday said that the government would soon float […]
The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, on Wednesday put the total capital budget releases from the 2018 budget at a total sum of N460 billion. The minister disclosed the figure while fielding questions from journalists at the sidelines of the ongoing IMF and World Bank Group Annual Meetings in Bali, […]
The Debt Management Office on Wednesday disclosed that it had raised additional N96.74 billion to sustain the funding of the 2018 budget. A statement issued by the Office indicated that the funds were raised through issuance of the FGN bonds which were issued for three different tenors and were oversubscribed by more than N60bn in […]