The Senate on Tuesday reiterated the need for the Central Bank of Nigeria (CBN) to extend the January 31st deadline for old banknotes’ withdrawal to July 31st, 2023. The upper Legislative chamber of the National Assembly adopted this resolution during the day’s plenary session presided over by Senate President, Senator Ahmad Lawan. It stressed that […]
Nigeria’s Senate on Wednesday passed the 2022 budget of N17.126 trillion as federal spending for the 2022 fiscal year, representing about N700 billion higher than the provisions in the Appropriation Bill 2022 presented by the Executive for the fiscal year. President Muhammadu Buhari had in October presented a N16.391 trillion Appropriation proposal to the joint […]
The Senate on Wednesday confirmed the Nigerian Upstream Regulatory Commission (NURC) board member-nominees following the recommendations of its committee on Petroleum Resources. The commission, after the inauguration of the approved nominees, will take over the responsibilities of the Department of Petroleum Resources based on the provisions of the Petroleum Industry Act 2021. The Red Chamber’s […]
The Senate on Wednesday approved President Muhammadu Buhari’s revised 2022-2024 Medium Term Expenditure Framework (MTEF). The Upper Chamber had on Tuesday referred the revised MTEF to its Committee on Finance for consideration ahead of the expected Appropriated Bill 2022 presentation by President Muhammadu Buhari on Thursday (October 7) to the joint session of National Assembly. […]
The Senate on Wednesday passed the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) ahead of the expected laying of the 2022 Appropriation Bill before the joint session of the two chambers of the Legislature by President Muhammadu Buhari. The passage of the 2022-2024 MTEF/FSP was sequel to the consideration of the report […]
Worried by the potential negative social and economic implications of the rising debt stock of Nigeria, the Socio-Economic Rights and Accountability Project (SERAP) has asked the leadership of the National Assembly to decline approval for the latest President Buhari’s request for a fresh $4 billion and €710 million foreign loans. Specifically, SERAP appealed to the […]
Apparently miffed by reports by the bribe scandal trailing the passage of the Petroleum Industry Bill (PIB), the Senate President, Dr. Ahmad Lawan, has debunked the allegation, saying it is “unwarranted, unprovable, false and fake information.’’ Specifically, the lawmaker denied allegations that he and the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, collected […]
The National Assembly on Monday approved N4.87bn for the National Intelligence Agency (NIA) for the purposes of enabling it to track, intercept, monitor calls and messages on mobile devices by telecom subscribers in the country. The approved sum is part of the N895.8 billion Supplementary Budget submitted by President Muhammadu Buhari last month which was […]
The Senate on Wednesday summoned the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, to appear before it tomorrow to brief the lawmakers and make clarifications on the Petroleum Industry Bill (PIB). The summon, which was made by the Senate President, Ahmad Lawan, during plenary, requires the NNPC boss to […]
President Muhammadu Buhari on Tuesday formally requested the Senate’s approval of a new $6,18 billion (about N2.3 trillion) foreign loan to part-fund the 2021 budget. The President’s request was conveyed in a letter read at the Red Chamber’s plenary by the President, Senator Ahmad Lawan. Buhari indicated that the new loan loan, if approved, would […]