National Assembly To Raise 2021 Budget By N500bn
The National Assembly is billed to pass the 2021 Appropriation Bill today, raising the total estimated from the proposed N13.08tn to N13,588,027,886,175, an increase of over N500bn. This has been made known in the report by the House of Representatives Committee on Appropriations on the national budget. Both the Senate and the House of Representatives are holding special sessions today mainly...
Food Prices Increasing, Household Incomes Not Steady – NBS
The National Bureau of Statistics (NBS) says prices of most food items increased in November 2020, while income remains unsteady for many households across Nigeria. According to NBS report, titled: ‘Selected food prices watch (November 2020)’, average prices of one dozen of agric eggs (medium size) increased year-on-year (YoY) by 6.64 per cent and month-on-month (MoM) by 1.42 per cent...
FEC Approves Reopening Of 4 Land Borders
President Muhammadu Buhari has approved the reopening of four land borders with immediate effect, while others will be reopened subsequently. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this to State House Correspondents after the week’s virtual Federal Executive Council (FEC) meeting, held in the Council Chambers Aso Rock Presidential Villa, Abuja. According to Ahmed, the borders...
World Bank Approves $1.5billion Loan To Strengthen Nigeria’s Economy
The World Bank has finally approved Nigeria’s request for a $1.5 billion loan. This was announced in a statement by World Bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024. “This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s...
No Plan To Introduce New Taxes In 2021- FG
The federal government says it has no plan to introduce new taxes or increase current taxes in 2021. Zainab Ahmed, minister of finance, budget and national planning, disclosed this on Friday, at a public hearing organised by the house of representatives committee on finance in Abuja. The minister said rather than increase taxes, it is making efforts to reduce tax burden...
Ikpeazu Delivers Abia 2021 Proposed Budget Of 131 Billion Naira
Governor Okezie Ikpeazu has just delivered the 2021 Appropriation Bill to the State House of Assembly. The 2021 Appropriation Bill is a total of One Hundred and Thirty-One Billion, Eight Hundred and Fifteen Million, Seven Hundred and Fifty-Three Thousand, Seven Hundred and Twenty Naira only (=N=131,815,753,720.00). Recurrent Expenditure is Sixty Two Billion, Six Hundred and Twenty Four Million, Five Hundred and...
Nigeria Must End Dependence On Crude Oil – Emefiele
Godwin Emefiele, governor of the Central Bank of Nigeria, says the country must end its dependence on crude oil for revenue and foreign exchange. Emefiele was speaking at the prize presentation ceremony of the 2020 CBN Governor’s Golf Cup tournament on Saturday. NAN reports that he was represented by Edward Adamu, the deputy governor for corporate services. The governor explained that it...
We Can’t Pay Full Salaries To Civil Servants Due To Recession – Govt
Niger State Government has announced that full salaries will not be paid to workers due to a reduction in its federal allocation. The state government proposed to pay workers 70 per cent of their salaries, a decision which organized labour rejected. Secretary to the Niger State Government, Ahmed Ibrahim Matane, in a statement, noted that the reduction in salaries was not...
Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister
Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021. Ahmed spoke about the current recession in the country at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning. Nigeria, on Saturday, entered...
Naira Plunges To 475 As Dollar Demand Rises
The naira weakened further on Monday, trading at 475 to the United States dollar in the parallel market amid a rise in demand for the greenback. The local currency, which has come under pressure in recent days, fell to 470 per dollar on Friday from 468 on Thursday. The naira was trading at 462-463 at the unofficial market at the...
